The Director, Home Finance, Federal Ministry of Finance, Mrs. Siyanbola Olubunmi, confirmed the release of the fund to the 27 states, while speaking at the end of the Federation Account Allocation Committee meeting held at the headquarters of the Ministry of Finance. She said about 10 other states had yet to be paid by the ministry, adding that payments to them were being delayed by some processes. Olubunmi, who did not provide the amount that was paid, said as soon as the processes were sorted out, the fund would be released to the states. TheNigerialawyer had reported that payments to some states may be delayed as a result of a suit filed by the consultant engaged by the Nigerian Governors Forum. The Federal Government had, in July, released the second tranche of N243.79bn, bringing the amount so far disbursed to states as refund under the Paris Club loan to N760.17bn. A breakdown of the amount showed that Akwa Ibom, Bayelsa, Delta, Kano, and Rivers states received the highest amount of N10bn each. The total amount of N50bn received by these five states represents 20.5 per cent of the entire amount released under the second tranche Meanwhile, the Federation Account Allocation Committee, on Saturday distributed the sum of N609.9bn to the three tiers of government as statutory allocation for the month of November. The amount showed an increase of N77.25bn over what the committee allocated to the three tiers of government in the previous month. The Accountant General of the Federation, Ahmed Idris, addressed journalists on the outcome of the meeting. Idris said after deducting the cost of collections by revenue-generating agencies, the Federal Government received N248.2bn, representing 52.68 per cent; states N125.9bn, representing 26.72 per cent, while the local governments got N97.06bn, representing 20.60 per cent of the amount distributed. The AGF disclosed that N54.48bn, representing 13 per cent derivation revenue, was also shared among the oil-producing states. He said the country generated N356.07bn as mineral revenue and N193.46bn as non-mineral revenue. He said this showed an increase of N38.78bn and N68.65bn from what the country generated as mineral revenue and non-mineral revenue in the previous month.]]>

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! ....................................................................................................................... Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________ [Register Now] ILA Nigeria Branch Marks 10 Years With Infrastructure Financing As Theme For 7th Annual Conference The International Law Association - Nigeria Branch 7th annual conference on public-private partnerships for sustainable infrastructure financing, April 4-5 in Abuja. Details: https://ilanigeria.org.ng/conference _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.