FG, States, LGs, share N568.41bn for October

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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 on Thursday.

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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.

PIC 29. FROM LEFT: MINISTER OF STATE FOR FINANCE, ALHAJI YERIMA NGAMA; MINISTER OF FINANCE, DR NGOZI OKONJO-IWEALA, AND DIRECTOR, BUDGET OFFICE, DR BRIGHT OKOGU, AT A NEWS CONFERENCE ON 2013 BUDGET PROPOSAL PRESENTATED BY PRESIDENT GOODLUCK JONATHAN IN ABUJA ON WEDNESDAY (10/10/12).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.

Odah said the allocation for the month was the worst in the year, adding that the states should do shelving or realignment in their expenditure by focusing on priority projects.

The chairman commended President Goodluck Jonathan for approving the release of one billion dollars from the excess crude account for distribution.

“We appreciate the magnanimity of Mr President and we also mourn the dearth of funds in the country,’’ he said. (NAN)

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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