At the end of the meeting that ended around 9:05pm in Abuja, the committee allocated the sum of N620.65bn to the three tiers of government.
The meeting, presided over by the Minister of State for Finance, Dr. Yerima Ngama, was attended by commissioners of Finance from the 36 states of the federation as well as the Accountant-General of the Federation, Mr. Jonah Otunla
Ngama, who addressed journalists shortly after the meeting, said most of the outstanding issues, which led to a walkout by the commissioners last Thursday, had been resolved.
For instance, he said the February arrears, which amounted to N156bn, had been paid, while March’s N92bn arrears would be settled within the next one month.
“This month, we are sharing the arrears of February of N156bn to the three tiers of government, the outstanding arrears of N92bn will be paid next month,” he said.
Giving a breakdown of the distribution, Ngama said N502.61bn was shared under statutory distribution; Value Added Tax, N74.87bn; Subsidy Reinvestment and Empowerment Programme, N35.54bn; while N7.61bn was debt repayment by the Nigerian National Petroleum Corporation to the Federation Account.
Out of the N502.61bn, the Federal Inland Revenue Service got N3.58bn, while the Nigeria Customs Service got N2.59bn as costs of collection.
Out of the balance of N496.44bn, the minister said the Federal Government received N235.77bn or 52.68 per cent; states, N119.59bn or 26.72 per cent; and the 774 local government areas, N92.19bn or 20.60 per cent.
The balance of N48.87bn, he said, was allocated to the oil producing states based on the 13 per cent derivation principle.
For VAT distribution, he said the Federal Government got N10.78bn; states, N35.93bn; and the local governments, N25.15bn.
On the revenue side, Ngama said, “The gross revenue of N590.77bn received for the month was lower than the N621.07bn received in the previous month by N30.29bn.
“This was due to a drop in crude oil production and lifting operations occasioned by force majeure at the Bonny Terminal and continuous theft and vandalism.
“However, non-oil revenue increased during the period partly due to increased payments by companies filing their returns.”
The minister also said N88.15bn was transferred to the Excess Crude Account, thus bringing the new balance in the ECA to $6.2bn.
The Federal Government had on Tuesday blamed the shortfall recorded in the gross federally collected revenue for its inability to pay the over N160bn arrears to the three tiers of government.
The country is currently facing severe revenue challenges owing to illegal bunkering and oil theft.
The revenue shortfall was confirmed by Ngama on Tuesday, while addressing journalists shortly after a meeting in Abuja.
To resolve the issue, President Goodluck Jonathan set up a committee headed by the Governor of Bauchi State, Alhaji Isa Yuguda.
Other members of the committee are the governors of Delta, Dr. Emmanuel Uduaghan; Anambra, Mr. Peter Obi; and Gombe, Alhaji Ibrahim Dankwambo.
Information from Punch was used in this report.