FAAC: FG, States, LGs share N609.95bn November revenue

The Federation Account Allocation Committee (FAAC) has distributed N609.95 billion from the Federation Account to Federal, States and Local Government as revenue generated in the month of November. The Accountant-General of the Federation, Mr Ahmed Idris, made this known while briefing the media on the outcome of the monthly FAAC meeting which held on Saturday in Abuja. He said the amount distributed showed an improvement of N77.25 billion compared with what was shared last month. Idris added that after deductions as cost of collection by FIRS, Customs and DPR, the Federal Government received N248.2 billion, representing 52.68 per cent; states and N125.9 billion, representing 26.72 per cent. Local governments, he said, received N97.06 billion, amounting to 20.60 per cent of the amount distributed. The accountant general announced that N54.48 billion representing 13 per cent derivation revenue was also shared among oil producing states. He said that the country generated N356.07 billion as mineral revenue and N193.46 billion as non-mineral revenue, an increase of N38.78 billion from what the country generated as mineral revenue and a N68.65 billion increase in non-mineral revenue generated in the month of November. Idris said oil revenue had continued to be negatively impacted by low production due to poor maintenance and sabotage. He explained that the balance in the Excess Crude Account (ECA) as at Dec. 15 remained 2.317 billion dollars and put the balance in Excess Petroleum Profit Tax account at 133 million dollars. When asked when the 1 billion dollars would be withdrawn from the ECA by state governors to fight Boko Haram, Idris said the governors had received the instruction and it was being processed. He explained that “the instruction has been given but there is a process before money is taken out of an account. So, unless that withdrawal is made, the balance remains the same. “On what the money will be used for, the appropriate institution will have to give you that, namely the military, which is the organ that will utilise the money, and they know their needs. “On why the money is being taken from the ECA, everyone should know that it is a savings account and ordinarily should have been distributed to the three tiers of government. “So, if the same owners decide that part of it should be utilised to secure the country, to secure the system, to make the system work and provide security for life and property, I don’t think it should be an issue. “If a governor has a problem with that, he should have made his position known to his forum, which is the Governor’s Forum. “Everyone is entitled to whatever, but it should be directed to the appropriate place.” Meanwhile, the Chairman, Commissioners of Finance Forum, Mr Mahmoud Yunusa, said that with the early distribution of funds to the three tiers of government, he was confident that states would be able to pay salaries before Christmas. (NAN)

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