Thursday, November 14, 2013

FG, states, LGs share N568.41bn

Finance Minister, Mrs. Ngozi Okonjo-Iweala

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.

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