At Last, FAAC Distributes N647Bn Among 3 Tiers Of Government

Posted by African Examiner Featured, Latest Headlines, News Wednesday, March 28th, 2018

Photo: Nigeria’s Minister of Finance, Mrs Kemi Adeosun

By Ganiyu Nasirudeen

(AFRICAN EXAMINER) – After a brief disagreement among members of the Federation Accounts Allocation Committee FAAC, over the revenue remitted by the Nigerian National Petroleum Corporation NNPC, the Federal Government (FG) Wednesday distributed the sum of N647.39bn among the three tiers of government.

The State Commissioners for Finance Tuesday disagreed on the revenue figures remitted by the NNPC into the Federation account, making their meeting in Abuja with other members of FAAC to be suspended.

However, the Minister of Finance, Mrs Kemi Adeosun last (Tuesday) night intervened by reconvening the meeting early Wednesday.

At the end of the reconvened meeting which held at the headquarters of the Ministry of Finance and which was presided over by the Minister, the sum of N647.39bn was shared among the three arms of government.

From the sum, FG was allocated with the sum of N270.8bn; States, N173.75bn while the entire 774 local government councils across the country received collective share of N130.9bn.

In addition, the sum of N57.35bn was allocated to the oil producing States according to 13 percent derivation principle.

The sum of N14.55bn was however returned to the revenue generating agencies, referred to as coat of revenue collection.

With the latest development, both the Federal and State Government workers might heave a sigh of relief and hope to have a pleasant Easter celebration, as there is likelihood of salaries payment, ahead of the coming holiday which begins Friday, March 30, 2018.

The have been growing among the public servants and members of the public over the dispute among the FAAC members, due to likely negative impacts of the development on March salaries payment.