It seems the dwindling revenue of the federation has started picking up once more, as exemplified by the amount earned in October, 2015.
The Federation Account Allocation Committee, FAAC, rose from its monthly meeting in Abuja late last night to declare grand total revenue of N473.832 billion for October, distributable to the federal, States and local governments.
The amount shared among the three tiers of governments is higher by N146.836 billion, when compared to the N389.936 billion distributed in September.
The obviously elated minister of finance, Mrs. Kemi Adeosun while reacting to the marked increase recorded in government’s finances said “we are working assiduously as we can to improve the country’s revenue base.”
She explained that recovered looted funds are not shared in FAAC meeting, and when the amount so far returned is made available to her, she would inform Nigerians about it.
According to her, the Excess Crude Account, ECA, still remains same at $2.258 billion.
A breakdown of the amount distributed among the three tiers of governments shows that the gross revenue of N400.310 billion received for the month of October was higher than the N321.996 billion received in the previous month by N78.314 billion.
The finance minister explained that “intermittent shut down and shut-in of production for repairs and maintenance at different Terminals during the month continued to impact Crude Oil and Gas revenue negatively.
“Also, there was revenue loss of $1.3 million as a result of drop in average price of Crude Oil from$47.315 in August to $46.96 in September, 2015.”
However, Non-Oil revenue recorded significant improvement in the month under review, as about N104.212 billion collected was more than the previous month’s Non-Oil revenue collection.
The sum of N6.330 billion was refunded by the NNPC to FGN. Also, there is an exchange gain of N6.995 billion, which was also proposed for distribution.

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