Due to a shortfall in expected revenue for the month of October 2013, the Federal Accounts Allocation Committee has augmented the distributable revenue with $1 billion from the Excess Crude Account.
A communiqué issued by the Federal Accounts Allocation Committee indicated that the distributable statutory revenue available for October was N458.901 billion.
No augmentation was proposed for the month, thus $1 billion from the ECA was proposed for distribution to complement the shortfall in expected revenue.
According to the communiqué, N568.413 billion has been shared out to the three tiers of government as federal revenue generated for the month of October 2013.
The Federal Government got N213.825 billion (52.68 per cent) as against N236.154 billion it got in September.
The 36 States got N108.455 billion (26.72 per cent) as against N119.780 billion they got the previous month.
The local governments got N83.614 billion (20.60 per cent) against N92.346 billion they received for September.
The oil producing states received N47.112 billion as 13 per cent derivation revenue.
This was N6.538 billion lower than the N53.650 billion they received for the month of September.
The communiqué confirmed that the gross revenue received for the month was N539.553 billion.
This was higher than the N525.617 billion received in the previous month by N13.963 billion.
The gross revenue available from the Value Added Tax was N66.346 billion as against N63.943 in the previous month, an increase of N2.403 billion.
The sum of N7.617 billion refunded by the Nigeria National Petroleum Corporation and N35.549 billion from the Subsidy Re-investment Programme added up to the total distributable revenue for the month.
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