Federation Account Allocation Committee, FAAC, rose from its monthly meeting yesterday in Abuja to declare grand total revenue of N387.771 billion available for distribution among the Federal, States and local governments.
A break down of the amount shared is N232.897 billion higher than the previous month figure of N369. 882 billion, indicating 17. 889 percent.
Addressing journalists after the meeting, Permanent Secretary in the ministry of finance, Mahmoud Isa-Dutse the gross statutory revenue of N315. 019 billion received for the month was higher than the N297. 450 billion received in the previous month by N17. 569 billion.
The amount in the Excess Crude Account, ECA, according to the permanent secretary stands at $2.258 billion.
“Shut-in, shut-down of production for repairs, production short fall due to technical hitches at different terminals throughout the month, impacted negatively on crude oil and gas revenue, “ said Isa-Dutse.


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