It has been revealed that the federal government, state governments and the 774 local government areas in the country, on Thursday, shared N888.40 billion, being allocations for February. The allocation was an increase of N310.94 billion or 54.03 per cent over the N575.46 billion shared by the three tiers of government for January.
Also, the Federal Government released the sum of N400 billion as first capital budget for the execution of projects captured in 2013 budget. The Federation Account Allocation Committee (FAAC) meeting, where the allocations were made, was presided over by the Minister of State for Finance, Dr Yerima Ngama and attended by the Accountant-General of the Federation, Mr Jonah Otunla, commissioners of finance from the 36 states of the federation and the representatives of the revenue collection agencies and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
Meanwhile, Mr Otunla, while fielding questions from the media shortly after the meeting, stated that members of the committee also agreed to transfer the sum of N121.41 billion into the Excess Crude Account (ECA), making the account to stand at $8.061 billion.