By Ugonnabo Ngwu
Government workers can now hive a sigh of relief as the Federal Accounts Allocation Committee, FAAC, has resolved the NNPC revenue crisis that prevented it from disbursing allocations to the three tiers of government on Tuesday.
The allocations from the FAAC meeting is what government, particularly at the state and local levels, rely upon to pay their workers’ salaries. With Easter celebrations already in sight, so many workers in the public sector would already have made plans for their salaries.
Recall that a disagreement had ensued due to about N37.76bn revenue said to be unremitted into the federation account by the Nigerian National Petroleum Corporation, NNPC.
The Accountant-General of the Federation, Ahmed Idris, had said: “The committee is of the opinion that until and unless these figures are reconciled, corrected, verified and factual; we cannot distribute the revenue as the case is.”
In an effort to resolve the difference, the Minister of Finance, Kemi Adeosun, waded in and reconvened the meeting for Wednesday morning.
At the rescheduled meeting, the three tiers of government shared N647.39 billion that was available for March. Of this amount, the federal government received N270.8 billion, states got N173.75 billion and the 774 local government councils were allocated N130.9 billion.
Oil producing states received N57.35 billion based on the 13 percent derivation principle and N14.55 billion was returned to revenue generating agencies as the cost of revenue collection.
The Chairman, Forum of FAAC Commissioners, Mahmoud Yunusa, told journalists in Abuja on Wednesday that the meeting, which did not last more than an hour, resolved to share what was available pending a formal reconciliation meeting to be convened with the Group Managing Director of the NNPC, Maikanti Baru.