FAAC: FG, States, LGs Shared N680bn

An official of the Federal Ministry of Finance, Budget and National Planning who disclosed that the Federation Accounts Allocation Committee (FAAC), shared the sum od N680 billion among the three tiers of government Thursday from the revenue that accrued to the federation in the month of March.

The official who disclosed the amount distributed did not provide details of what each tier of government received, he however stated that top officials of the ministry and the FAAC were preparing the Communique/statement. As at the time of filing this report at about 10.42 pm, the Communique had not been released.

READ ALSO: Airtel secures $500million credit facility from HSBC, JP Morgan and others to partially refinance €750million Euro dominated bond

Of recent, the general declining revenue profile of the nation has generated tension between the federal and state governments. The disagreement between officials of the two tiers of government over the poor revenue led to a stalemate at last month’s FAAC meeting.

The debate generated by Edo State Governor Godwin Obaseki’s claim that the federal government printed N60 billion to augment March Federation Accounts Allocations, has continued to generate reactions from different quarters.

Those who are knowledgeable about the FAAC said the disagreement was responsible for the failure of the ministry to issue any communique last month.