FAAC shares N647bn to three tiers of government 

The Federation Accounts Allocation Committee (FAAC) Wednesday distributed the sum of N647.39 billion to the three tiers of government in the country.

Minister of Finance and Chairperson of the FAAC, Kemi Adeosun had reconvened the meeting of the Committee for today Wednesday, 28th March, 2018. The FAAC meeting was inconclusive on Tuesday, necessitating the intervention of the minister.

At the reconvened meeting on the committee distributed the sum of N647.39 billion to the three tiers of government.

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

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

Adeosun however called for an emergency meeting next week with the Group Managing Director of NNPC Group, Mr. Maikanti Baru, and key management over revenue payment into the Federation Account.

The meeting, held at the auditorium of the Federal Ministry of Finance, have in attendance the Accountant-General of the Federation, Commissioners of Finance & Accountant-Generals of the 36 States, representatives of NNPC Group, Customs, department of petroleum resources, among others.