Abuja (OAGF Report) – The Federal, States and Local Governments in Nigeria have received a total of N593.337 billion for the month of October 2014 with disbursements as follows: Federal Government – N224.264bn (52.68%), State Governments – N113.750bn (26.72%), Local Governments – N87.696bn (20.60%) and the Oil Producing States the 13% derivation of N47.123bn.
The communique issued by the Federation Accounts Allocation Committee (FAAC) on Wednesday November 19, 2014 indicated that the gross revenue of N536.692 billion received for the month of October was higher than the N502.097 billion received in the previous month by N34.595 billion which shows that there was improvement in mineral revenue for the October month, despite on-going Force Majeure by Shell, shut down and shut-in of trunk and pipe lines at various terminals and the unfavourable market conditions resulting in further decline in crude oil prices.
It also informed that the statutory revenue for the month of October was N484.321 billion and the sum of N35.549 billion has been proposed for distribution under the SURE-P Programme. Adding, 6.330 billion was refunded by the Nigerian National Petroleum Company to the Federal Government bringing the total revenue distributable for the month, inclusive of VAT to N593.337 billion.
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