FAAC gives N647b to FG, States, LGs
CONTRARY to speculations in some quarters, there is hope that Nigerian workers will celebrate this Easter with their salary notwithstanding the sour end of last meeting of the Federation Account Allocation Committee (FAAC).
This is because workers will receive their salaries for March as the sum of N647. 39 billion was released to the Federal, State and Local Governments yesterday from the Federation Account, following an approval for the month of February 2018, by FAAC.
Minister of Finance, Kemi Adeosun, disclosed this to journalists yesterday at the end of the Committee’s meeting, adding that the February allocation of N647.39 billion to the three tiers of government was N11.836 billion higher than the N635.554 billion which was shared in the previous month.
Giving a breakdown of how the money was sourced, Adeosun stated that N557.943 billion came from statutory revenue while Value Added Tax accounted for the balance of N89.447 billion. The minister added that 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.
The meeting where FAAC made the approval was attended by the Federal Minister of Finance, Director of Home Finance in the Federal Ministry of Finance, Olubunmi Siyanbola; Accountant General of the Federation, 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.
Speaking on the dispute over the revenue paid by the Nigerian National Petroleum Corporation into the Federation Account, Adeosun said that arrangement was in progress for harmonisation of the figure between FAAC and management team of NNPC, led by its Group Managing Director, 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.