The Federation Accounts Allocation Committee on Friday night allocated a total sum of N473.83bn to the three tiers of government for the month of October.
The allocation represents an increase of N83.89bn when compared to the N389.93bn distributed in the month of September.
The Minister of Finance, Mrs. Kemi Adeosun, gave the figure while briefing journalists shortly after this month’s FAAC meeting which began at 5pm and lasted up till 8:09pm.
She said the amount shared comprises revenue from statutory sources made up of N388.59bn and Value Added Tax N57.78bn.
Of the statutory allocation, she said the Federal Government received the sum of N191.99bn, states N97.38bn, and local governments N75.07bn.
Similarly, she said the sum of N24.14bn was allocated to the oil producing states based on the 13 per cent derivation principle.
For VAT, the minister said the Federal Government received N8.66bn, states N28.89bn and local governments N20.22bn.
She put the gross statutory revenue for the month of October at N400.31bn stating that this was higher than the N321.99bn received in the month of September.
She also said the Excess Crude Account balance remained unchanged at $2.258bn.
When asked how much had been recovered from those who looted the treasury, the minister said the President had yet to provide the ministry with details of how much had been recovered.
She said, “This (recovered loot) is not shared in the FAAC meeting and so we have no figure for that and I am sure that the process is ongoing and when that amount is recovered, it will be made known to us but as at now, it hasn’t come here.”
She also said the ministry was doing everything within its powers to increase revenue for the federation.
A communiqué issued after the meeting explained that intermittent shut down of production for repairs and maintenance at different terminals during the month continued to impact crude oil and gas revenue negatively.
