BUSINESS
Monthly Revenue Allocation: FG, States, LGs Share N609.95billion For The Month Of November
The Federation Account Allocations Committee (FAAC) has distributed the November allocation to the three tiers of government; Federal, States and Local Government.
This allocation which is based on revenue generated for the month amounted to the tune of N609.95 billion which is N77.23 billion more than what it shared in the month of October according to Ahmed Idris, the Accountant General of the Federation.
Mr. idris gave the breakdown of the allocation to the three tiers with the Federal Government receiving N248.2 billion which represents 52.68%, the states got N125.9billion representing 26.72% and the 774 local councils receiving 97.06 billion which represents 20.06% of the allocation.
He also said that Oil producing states got N54.48billion which represents the derivation share of 13 per cent
He said the country generated N356.07 billion as mineral revenue which was N38.78 billion more than the last year and N193.46 billion which was N68.65 billion.
Mr. Idris however lamented that oil revenue continue to be negatively impacted by low production due to sabotage and poor maintenance.
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