FAAC ends rift, disburses N647bn

Kemi Adeosun

The Federation Accounts Allocation Committee (FAAC) on Wednesday distributed N647.39bn to the three tiers of government.

FAAC meeting had ended in a deadlock in Abuja on Tuesday over alleged discrepancy observed in the revenue figures presented by the Nigerian National Petroleum Corporation (NNPC).

But the Minister of Finance, Kemi Adeosun intervened late last night, by reconvening the meeting on Wednesday.

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

FAAC 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 cost of revenue collection.