The Federation Accounts Allocation Committee (FAAC) on Wednesday shared the sum of N647.39bn among the Federal, States and Local Government, despite discrepancies of about N37.76 billion in revenue.
The meeting of the committee which was earlier stalled on Tuesday, owing to what was described as discrepancies in revenue figures presented to the committee by the Nigerian National Petroleum Corporation, was reconvened by 9. a. m. on Wednesday, at the headquarters of the ministry of finance in Abuja.
The meeting was presided over by the Minister of finance, Mrs Kemi Adeosun, Accountant General of the Federation, Commissioners of Finance and Accountant-Generals of the 36 States. Similarly, representatives of the Nigerian National Petroleum Corporation NNPC, Federal Inland Revenue Service, Nigeria Customs Service, Department of Petroleum Resources were also in attendance.
The committee distributed the sum of N647.39bn to the three tiers of government, 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 percent derivation principle while N14.55bn was returned to the revenue generating agencies as coat of revenue collection.
