Economics

Nigeria: Federal Govt, states, LGs share N568.41bn

Finance Minister, Mrs. Ngozi Okonjo-Iweala

Abuja—The Federal, States and Local Governments have shared N568.41 billion from the Federation Account for October, the Minister of State for Finance, Dr Yerima Ngama, said in Abuja yesterday.

The News Agency of Nigeria, NAN, reports that the amount shared in September was N45.92 billion higher than the October figures.

Ngama made this known at a news briefing at the end of the Federation Accounts Allocation Committee, FACC, meeting for October.

A breakdown of the amount shows that the Federal Government received N213.82 billion, state governments N108.45 billion while local governments got N83.61 billion.

He said the oil-producing states would receive their 13 per cent derivation funds of N47.11 billion compared to the N53.65 in September, representing a decline of N6.54 billion.

Ngama said the country received N443.05 billion revenue from mineral resources in October, compared to N431. 07 billion received in September, representing an increase of N11.98 billion.

Similarly, non-mineral revenue generated in October  amounted to N96.5 billion compared to N94.54 billion generated in September, representing an increase of N1.96 billion.

The minister said no fund was proposed as augmentation during the months under review, but added that N80.65 billion was transferred to excess crude account for distribution.

“The funds available for distribution had been adjusted with transfer to excess crude and this month, we have transferred N80.65 billion to excess crude account,” he said.

The Chairman, Forum of Commissioners, FAAC, Mr. Timothy Odah, said the meeting was a huge success, but expressed concern about the decline in revenue for the month.

Anthony-Claret Onwutalobi
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC and CEO of Portia Web Solutions. Mr. Claret publishes and manages the content on Codewit Word News website and associated websits. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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