After two weeks of disagreement between the Federation Account Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC) on revenue discrepancies, both parties on Thursday, at this month’s FAAC meeting, finally resolved their differences, The Punch reports.
The meeting resolved, among other things, to allow the states to be fully involved in tracking and collating the figures the NNPC would be presenting to the committee. The Chairman of the Commissioners Forum, Mr. Mahmoud Yunusa, said based on the last disagreement with the NNPC, the states would appoint a consultant to track the revenue generated by the corporation.
At the end of the meeting, the committee allocated the sum of N532.75bn to the three tiers of government. The amount is for statutory allocation for the month of October. A breakdown of the allocation showed that the Federal Government received the sum of N218.6bn; the states got N147.39bn; while the 774 local government councils were allocated the sum of N110.58bn.