Over six hundred and ten billion naira was shared by the Federation Account Allocation Committee, FAAC, among the three tiers of Government and revenue generating states in Nigeria as its portion of the monthly revenue from the sales of crude oil for the month of January. For the first time in recent times, the gross revenue dropped by N42.21bn from N547.46bn recorded in December 2018 to N505.24bn in January. The Minister of Finance who is also FAAC Chairman, Zainab Ahmed disclosed this at the end of the Committee’s meeting in Nigeria’s Capital, Abuja. Represented by the Accountant-General of the Federation, Alhaji Ahmed Idris, the said despite the revenue decline, the committee was able to allocate the sum of N610.36bn to the three tiers of government.
