The Federal Government says 465 billion Naira has been distributed by the three tiers of government as revenue collected for the month of January.
This was revealed by the Permanent Secretary to the Ministry of Finance, Mahmud Dutse, who chaired the Federation Account Allocation Committee (FAAC) meeting held on Tuesday.
Commissioners of Finance from various states were present at the FAAC meeting which took place in Abuja, Nigeria’s capital.
Mr Dutse said the distributed amount was 65 billion Naira higher than what was shared in the previous month.
He explained that the increase was as a result of the growth in federation export sales by $74.9 million, resulting from a rise in crude oil export volume by 1.49 million barrels, as well as an increase in the average price of crude from $47.3 to $49.57 per barrel.
With excess crude account standing at $2.45 billion, the Chairman of Finance Commissioners’ Forum, Mahmoud Sali, highlighted the positions of the states.
He said the state governments are willing to compliment efforts to boost available resources by reducing their dependence on the Federal Government by up to 50% over the next two years.