FAAC: Fed Govt, states, local govts share N647.39b

Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. REUTERS/Akintunde Akinleye

The federal, state and local governments shared the sum of N647.39 billion from the Federation Account.

This raises hope that workers at this three tiers of government would receive this month’s salaries before Easter break.

The money was the revenue collection for the month of February 2018 which was approved at the Federation Account Allocation Committee (FAAC) meeting of yesterday.

The meeting, which was presided over by Finance Minister Mrs. Kemi Adeosun, was attended by a representative of the Permanent Secretary and Director of Home Finance in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola. Others are the Accountant-General of the Federation, Mr. Ahmed Idris; Chairman of Finance Commissioners’ Forum and Adamawa State Commissioner for Finance, Hon. Mahmoud Yenusa; States’ Commissioners of Finance and Accountant-Generals, and representatives of revenue generating agencies.

Adeosun, who spoke to reporters at the end of the meeting, said the N647.39 billion distributed to the three tiers of government was N11.836 billion higher than the N635.554 billion shared in the previous month.

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

The total revenue shared in the previous month was made up of statutory revenue of N538.908 billion and VAT of N96.646 billion.

On the states’ dispute with the revenue paid by the Nigerian National Petroleum Corporation (NNPC) into the Federation Account, Mrs Adeosun said FAAC would reconcile the revenue figures with the top management of the Corporation led by the Group Managing Director, Mr. Maikanti Baru.

“The NNPC is a major channel of our mineral revenue. Some issues have been raised by the states on the revenue paid into the Federation Account by NNPC.

“These are being looked into and within the next 48 hours, we will be a joint meeting with the NNPC Group Managing Director to address the concerns of the states. The reconciliation of the revenue figures is part of a healthy process to ensure transparency and accountability,” Adeosun said.

Hon. 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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