FAAC monitor: FG, States, LGs share N386 bn in Nov

by Ajadi Daniel

The sum of N386.879 billion has been shared as allocation between the Federal government, State government and Local government councils of the Federation.

The figures released by the Office of the Accountant General of the Federation revealed that the gross statutory revenue of N240.120 billion received for the month was higher than the N238.716 billion received in the previous month by N1.404 billion. Crude Oil export volume decreased further by 0.34 million barrels while the average price of Crude Oil increased from $46.54 to $47.08 per barrel during the period under review. Export sales revenue declined by about $14.74 million.

The sum of N6.330 billion was refunded by NNPC to FGN, There is a proposed distribution of N66 billion from the Excess PPT account. Also, exchange gain of N38.852 billion is proposed for distribution.

Hence the total revenue distributable for the current month (VAT included) is N386.879 billion

Federal government received N97.897 billion (52.68%); States received N49.655 billion (26.72%); LGs received N38.282 billion (20.60%). Oil producing States received N13.613 billion as 13% derivation.