JUST IN: FAAC ends rift, allocates N647bn to FG, states, LGs

The Federation Accounts Allocation Committee has suspended the
revenue crisis that made it impossible to share the statutory
allocation on Tuesday to pave way for the disbursement of funds to
the three tiers of government.

The meeting had ended in a deadlock on Tuesday 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 Kemi Adeosun
intervened by reconvening the meeting on Wednesday.

At the reconvened meeting on Wednesday, held at the headquarters
of the ministry of finance which was presided over by 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.

More details later.

The Federation Accounts Allocation Committee has suspended the
revenue crisis that made it impossible to share the statutory
allocation on Tuesday to pave way for the disbursement of funds to
the three tiers of government.

The meeting had ended in a deadlock on Tuesday 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 Kemi Adeosun
intervened by reconvening the meeting on Wednesday.

At the reconvened meeting on Wednesday, held at the headquarters
of the ministry of finance which was presided over by 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.

More details later.