FAAC Allocates N647.39 Billion To Federal, State And Local Governments

The Federation Accounts Allocation Committee (FAAC) has approved and distributed the sum of N647.39bn to the federal, state and local governments.

The money was the revenue collection for the month of February 2018 which was approved at the Federation Account Allocation Committee (FAAC) meeting convened and chaired by the minister of finance Wednesday.

Kemi Adeosun, Nigeria’s Minister of Finance

Recall that the FAAC was unable to disburse the funds to the three tiers of government on Tuesday, following a disagreement about the revenue figures remitted into the federation account by the Nigerian National Petroleum Corporation for sharing by the three tiers of government.

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Adeosun, who spoke to journalists at the end of the Committee’s emergency meeting disclosed that she personally engaged states’ governors in several meetings the previous night (Tuesday) to find a way around the stalemate.

She stated that the money distributed to the three tiers of government was N11.836 billion higher than the N635.554 billion shared in the previous month.

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“Statutory revenue accounted for N557.943 billion of the total revenue distributed for the month of February while Value Added Tax (VAT) accounted for the balance of N89.447 billion.

“The total revenue distribution in the previous month was made up of statutory revenue of N538.908 billion and Value Added Tax of N96.646 billion”, she said.

Meanwhile, the Chairman of Finance Commissioners’ Forum who is also the Adamawa State Commissioner of Finance, Mahmoud Yenusa explained that the reconvening of the meeting had become necessary to enable States pay workers their salaries before the Easter break.

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“The account submitted by the NNPC is not acceptable to the States but we are willing to jointly reconcile the revenue figure with the leadership of NNPC.

“We agreed last night to reconvene the meeting for the benefits of Nigerian workers at all tiers of government, to enable them receive their salaries”, he said.

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