FAAC: Monthly Allocation Increases By 13 Billion Naira

The federal allocation committee says monthly allocation to the three tiers of government has increased by 13 billion naira from the month of December, 2016.

Speaking with journalists after the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja, the Minister of Finance, Mrs Kemi Adeosun, said that a total of 400 billion naira has been disbursed to the federal, state and local government level for the month of December.

Mrs Adeosun said that the sum of 248 billion naira gross statutory revenue received, is higher by 8 billion naira compared with the 240 billion naira received in the month of November, 2016.

The Minister further explained that there was a revenue decline of 65 million dollars in federation export sales due to a drop in the volume of crude oil export of 1.390 million barrels.



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