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After rift over NNPC remittance, FAAC reconciles, shares N647bn to FG, states, LGs

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After rift over NNPC remittance, FAAC reconciles, shares N647bn to FG, states, LGs

The Federation Accounts Allocation Committee (FAAC) on Wednesday overcame the Tuesday crisis that did not allow it share the statutory allocation to the federal, state and local governments.

This was as FACC, in a meeting presided over by Finance Minister, Kemi Adeosun, and held at the headquarters of the ministry of finance, was finally able to distribute the sum of N647.39 billion to the three tiers of government.

The committee’s usual meeting on Tuesday had ended in a deadlock over disagreement following the revenue figures the Nigerian National Petroleum Corporation (NNPC) remitted into the federation account for sharing.

However, Adeosun was said to have intervened and reconvened the meeting on Wednesday, where the sum of N647.39 billion was eventually distributed to the three tiers of government.

READ ALSO: States disrupt FAAC meeting

Of the total sum, the Federal Government got N270.8 billion, states N173.75 billion while the 774 local government councils received a total amount of N130.9 billion.

While the sum of N57.35 billion was allocated by the committee to the oil producing states in respect to the 13 per cent derivation principle, a total sum of N14.55 billion was returned to the revenue generating agencies as cost of revenue collection.

 

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