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N369.88 billion shared at FAAC meeting

Minister for Finance, Kemi Adeosun

Minister for Finance, Kemi Adeosun

After the Federation Account Allocation Committee [FAAC]  meeting yesterday, the Federal Government declared generated revenue for the month of November and distributed N369.88 billion to the three tiers of government.

Although the amount is less by N103.95 billion when compared with the October revenue, it would at least offer fillip to cash-strapped Federal Government and states to pay their workers most of whom had lost hope of a warm celebration of the end-of-year festivities.

At the meeting yesterday in Abuja, the Minister of Finance, Mrs. Kemi Adeosun, declared that  statutory allocation of the three tiers of government witnessed a decline of N103.95bn in the month of  November from N473.83bn distributed in October to N369.88billion.

She explained that the decline was caused by several factors, which include shutdown and shut-in of production at various terminals during the period.

Her words:  “The gross statutory revenue of N297.45bn received in the month was lower than the N400.3bn received in the previous month by N102.86bn.

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