The Federation Account Allocation Committee (FAAC) has distributed N609.95 billion ($1.69bn) to Federal, States and Local Government as revenue generated in November. This is N77.25 billion more than what they shared in October, Mr Ahmed Idris, the Accountant-General of the Federation said. The distribution is also timely as it will enable states and local councils to pay workers ahead of Christmas, in the opinion of the Chairman, Commissioners of Finance Forum, Mr Mahmoud Yunusa.
Idris said that after the cost of collection deductions by FIRS, Customs and DPR, the Federal Government received N248.2 billion, representing 52.68 percent; the states got N125.9 billion, representing 26.72 percent and the 774 local councils received N97.06 billion, amounting to 20.60 percent.
According to Idris, oil-producing states got N54.48 billion, which represents the derivation share of 13 percent.
He said that the country generated N356.07 billion as mineral revenue and N193.46 billion as non-mineral revenue in November, both showing improvements over the earnings in October.
Mineral revenue increased by N38.78 billion, while non-oil mineral revenue also jumped by N68.65 billion.
Idris said that oil revenue continues to be negatively impacted by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal.
He said that the balance in the Excess Crude Account (ECA) as at Dec. 15 remained $2.317 billion. He also put the balance in the Excess Petroleum Profit Tax account, at $133 million.
Idris said the Federation Account has received instruction from the National Economic Council that $1billion be removed from ECA to fight Boko Haram.
“The instruction has been given. But there is a process before money is taken out of an account. So unless that withdrawal is made, the balance remains the same.
“On what the money will be used for, the appropriate institution will have to give you that, namely the military, who are the ones that will utilise the money, and they know their needs.
