The Federation Account Allocation Committee (FAAC) on Friday approved and disbursed a whooping N1.196 trillion to the three tiers of government for the months of August and September.
According to the spread sheet made available to journalists at the end of the much awaited twin FAAC meeting for the months of August and September, the Net Statutory disbursements to the federal government was N484,429,000,000 or (52.68 per cent); the 36 states and the Federal Capital Territory (FCT) N245,708,000,000 or (26.72 per cent) and the 774 Local Government Areas including the six Area Councils of the FCT N189,431,000,000 or (20.6 per cent).
To make up the N1.19 trillion windfall for the governments, N127,661,000,000 was distributed between the federal government (N19,149,000,000); states (N63,831,000,000) and local governments (N44,682,000,000) as proceeds of the Value Added Tax (VAT) for the two months.
Also N35, 549,000,000 was shared from the Subsidy Reinvestment and Empowerment Programme (SURE-P) by all the tiers of government and an additional N7, 617,000,000 from the monthly payment by the Nigeria National Petroleum Corporation (NNPC).
Addressing journalists at the end of the meeting, the Minister of State for Finance and Chairman of FAAC Dr. Yerima Lawan Ngama, said the committee approved the August and September accounts.
Ngama added that the month of September witnessed a drop in the amount of revenue which accrued into the federation account by N22.783 billion “due to the slight decline in crude oil production as a result of Force Majeure declared at Brass Terminal, maintenance issues and theft.”
Source: The Nation
