States seek $2 billion from oil account for projects

Governments of the 36 states in the federation have requested to withdraw $2 billion from the country’s $4.11 billion oil savings account to complete projects and provide security ahead of February polls, Timothy Odaah, the chairman of the States’ Commissioners of Finance Forum, said on Wednesday.

Revenues to be distributed to

the country’s three tiers of government in October – federal, state and local – were N593.33 billion, down from N603.5 billion in September, Accountant General Jonah Otunla said.

Central government revenues rose to N536.69 billion in October, up 6.9 percent from September owing to improvements in crude revenues, despite a sharp fall in global oil prices, Otunla also said.

Businessday