Federal Govt, states share N593.34 bn for October

Ngozi Okonjo-Iweala

For the fourth month running, statutory revenue available for distribution between the three tiers of government dropped as the total revenue for October stood at N593.34 billion.

The amount is about N10.192 billion lower than the N603.529 billion shared in September.

Details presented at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja on Tuesday however showed that N420.036 billion realised as oil mineral revenue for the month was higher by about N45.294 billion realised in the previous month.

Non-oil revenue was lower than N127.356 billion realised in September by about N10.699 billion.

The Accountant General of the Federation, Jonas Otunla, said gross revenue of N536.692 billion received for the month was higher than what was received in the previous month by N34.596 billion.

“There was improvement in mineral revenue for the month, despite the ongoing force majeure by Shell Petroleum Development Company (SPDC), facility shutdown and production shut-in on the trunk and pipelines at various oil terminals as well as unfavourable market conditions, resulting in further decline of crude oil prices,” he said.

Mr. Otunla said distributable statutory revenue for the month was N484.321 billion, with about N35.549 billion proposed for distribution under the Subsidy Reinvestment and Empowerment Programme (SURE-P).

In addition, he said about N6.33 billion was refunded by the Nigerian National Petroleum Corporation, NNPC, to the Federal Government.

A breakdown of the allocations showed that the Federal Government was allocated N224.226billion, States N113.75billion and Local Governments N87.696 billion, while N47.123 billion went to the oil producing communities as 13 per cent derivation revenue.

Speaking with reporters, the Chairman of the Commissioners’ Forum, Timothy Odaah, said the states have sent a request to President Goodluck Jonathan for approval of $2billion from the excess crude revenue account to help them settle debts to contractors for the execution of key contracts, provision of security in the run up to the primaries and elections as well as elections proper.

He said they were optimistic that the president would consider their request positively to assist them weather the austerity the country is going into.


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: Revealed!!! The Only Way Left of Getting an Extra Large Manhood and also Last Up to 38Mins+. Get the Insider Secret Here


TEXT AD: This NAFDAC APPROVED Solution Will Make You Stay Longer Than 40Mins In Bed Tonight And Help Your Erection. Click Here To Read The Free Reports


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • JI

    Dem dey share money, Federal and State contractors have not been paid since January 2014.

    There is massive downsizing going on in the construction (Road) sectors and their suppliers are owed endlessly

    Chairman do something before people die finish

    • Ashibogu

      Even CBN is owing a contractor we worked for at the new CBN International Training Institute, Maitama, Abuja. This is a project that was delivered in November, 2013

  • mike

    We know this will continue till after elections. This is nothing but a strategy to starve opposition states of funds to run their governments. The finance minister (chef) with her cronies, has cooked the books so effectively that even international auditors cannot find anything wrong with the country’s finances. Well done madam. Starve us till we die.

  • Joy Ijeoma

    States get 113billion while FG gets 224 billion. What really does the FG do with this whopping sum every month? It gets 52 per cent while all the states combined get 26 per cent yet any positive thing we see in the country today is done by states. What does the Federal government do with this huge sum it gets each month?

    • Ebola or Gej

      That is why we need change of pdp government to see at least if there will be differences. Just like USA changes from Republican to Democrat or vice versa.

      • emmanuel

        God forbid APC. The APC is culpable of not paying contractors since this year, meanwhile the percentage of Federal allocation to their IGR is about 33% so where does all the money disappear into? I have a road construction contractor friend in Lagos who has been very bitter since this year.

        Please pay contractors oooo. Wether Federal or State, PDP or APC. Go to Ogun State.

        • Ashibogu

          Even CBN does not pay contractors. My friend worked for them at their new International Training Institute in Abuja. Till now, the main contractor is yet to pay him saying CBN has not paid him. Meanwhile, the project was handed over to the CBN since November last year(2013). My brother, our leaders are the same whether PDP, APC or APGA. God will however save us.

  • Tugbi

    Federal government is just shortchanging the state