The three tiers of government- Federal, States and Local Governments have shared N629.12 billion from the Federation Account for January.
The amount comprised the statutory revenue of N503.68 billion and N7.61 billion refunded by the Nigerian National Petroleum Corporation (NNPC).
According to the Accountant General of the Federation, Jonah Otunla, the gross receipt of the month was N540.87 billion, including the revenue from the Value Added Tax (VAT).
Briefing reporters at the end of the monthly meeting of the Federation Account Allocation Committee, Otunla said the figure was higher than N479.05 billion received for the month of December, 2013.
Otunla, noted that the increase of N60.92 billion increase in revenue in January was a good development and an indication that oil production has improved tremendously.
He disclosed further that revenue shared by the three tiers comprised of N82.27 realized in the month from VAT and N35.55 from the Subsidy Reinvestment and Empowerment Programme (SURE-P).
The Excess Crude Account, Otunla said presents stands at $2.1 billion.
