FAAC Distributes N370 Billion To FG, States And LGs

Channels Television  
Updated February 23, 2016

Kemi-AdeosunA total of N370 billion has been distributed to the federal, state and local governments for the month of January.

Addressing journalists after the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja, the Minister of Finance, Mrs Kemi Adeosun, said gross statutory revenue received for the January stood at two N290billion.

While attributing a shortfall of N24 billion drop in revenue to shut down and maintenance repairs at major oil terminals, she said a total of N2 billion owed the Federal Government was refunded by the Nigeria National Petroleum Corporation (NNPC).