FAAC: FG, States, LG to share N359.4 bn from NLNG Revenue as July allocation
Adetokunbo Fakeye
Federation Account Allocation Committee (FAAC) is to share the total of N359.4 billion revenue received from the Nigerian Liquefied Natural Gas (NLNG), to the three tiers of government.
This was made known in a statement made available in Abuja on Tuesday by the Assistant Director of Press in the Federal Ministry of Finance, Patricia Deworitshe in Abuja.
According to her, the total of N359,374,355,607.60 was collected by the Federal Inland Revenue Service and shared among the Federal, States and Local Governments.
Deworitshe said the Federal government was allocated N189,318,410,534.03 representing 52.68 per cent, while the States got N96,024,827,818.35, representing 26.72 per cent and the Local Governments, N74,031,117,255.16 representing 20.60 per cent.
The FAAC meeting which was chaired by Permanent Secretary, Federal Ministry of Finance had Mrs. Anastasia Daniel-Nwaobia, the Accountant-General of the Federation, Alhaji Idris Ahmed, State Commissioners of Finance, State Accountants-General, Representatives of Federal Inland Revenue Service and Nigeria Customs Service in attendance.
He explained that the assistance by the CBN would be in the form of concessionary rates to the interested States.
Emefiele said the CBN would schedule a meeting with the States upon receipt of the required data, and expressed optimism that the process would be completed before next week.
He advised recipients of the CBN loans, to prioritize salary payment as its first line charge, before meeting other obligations.
However, the Governor, Central Bank of Nigeria, Mr Godwin Emefiele, informed state Governments that the Federal Government was worried over the inability of some states to pay monthly wages.
Emefiele noted that the inability of most states to pay salaries, was due to the huge debt hanging on their necks.
He observed that most States took short term loans for long term projects and servicing their monthly obligations to the banks, hampered cash flows, thereby restricting them from payment of salaries.
He also informed the States that the apex bank was willing to assist them in restructuring the loans owed the commercial banks.
