The Accountant-General of the Federation Ahmed Idris said the Federal Government shared 610.36 billion naira, generated in January to the three tiers of government.

He said this at a news conference at the end of the monthly Federation Accounts Allocation Committee, FAAC meeting in Abuja.

He, however, said approval was being awaited from the Minister of Finance Zainab Ahmed for additional 50 billion naira from the Foreign Exchange Equalization Account, which would be distributed accordingly.

According to Idris, Nigeria’s Excess Crude Account currently stands at 249 billion dollars.

A communiqué issued at the end of the meeting noted that in January, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by 149.94 million dollars, in spite of a drop in price of crude oil from 81.06 dollars to 75 dollars per barrel.

Leave a Reply