Friday, April 16, 2021

FAAC ends crisis, allocates N647bn to FG, States, LGs


Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Federation Accounts Allocation Committee has finally resolved to allocate funds to the three tiers of government.

The FAAC committee had a slight disagreement yesterday, a development that made it impossible to share the statutory allocation.

DAILY NIGERIAN on Tuesday reported that the meeting, Chaired by the Minister of Finance, Kemi Adeosun, was inconclusive due to discrepancies of about N37.76 billion in revenue presented by the NNPC.

The meeting had ended in a deadlock following disagreement about the revenue figures remitted into the federation account by the Nigerian National Petroleum Corporation for sharing by the three tiers of government.

But late last night, the Minister of Finance, Mrs Adeosun intervened by calling for an emergency meeting on Wednesday.

At the meeting on Wednesday, held at the headquarters of the Ministry of Finance which was presided over by Mrs Adeosun, the committee distributed the sum of N647.39bn to the three tiers of government.

Out of this amount, the Federal Government received N270.8bn, states got N173.75bn and the 774 local government councils were allocated a total amount of N130.9bn.

The committee also allocated the sum of N57.35bn to the oil producing states based on the 13 per cent derivation principle while N14.55bn was returned to the revenue generating agencies as coat of revenue collection.

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