The rift over sharing of funds from in Nigeria’s federation account between the Nigerian National Petroleum Corporation, NNPC, the major contributor to the account and the beneficiary states ended on Wednesday morning with the intervention of the Minister of Finance, Mrs. Kemi Adeosun.
At the end of the reconvened meeting, the sum of the sum of N647.39 billion was approved for distribution to the three tiers of government.
The sum of N270.8 billion was allocated to the federal government, while the states got N173.75 billion leaving the sum of N139.9 billion to the local governments.
The oil-producing states got N57.35 billion on the basis of the 13 percent derivation, while the sum of N14.55 billion was returned to the revenue generating agencies as the cost of revenue collection.
A meeting of the Federal Account Allocation Committee had ended in stalemate on Tuesday evening following disagreement on remittance into the federation account between the Nigerian National Petroleum Corporation the three tiers of government.
The chairman of FAAC Forum, Mr. Mahmoud Yunusa told journalists that the amount remitted by the NNPC was lower than the amount projected for the month, arguing that if Corporation could not surpass the amount it remitted in February, it should at least not remit anything lesser for this month
Following the disagreement, the minister of finance called for a meeting with the federation allocation committee this morning where she ensured that the committee shared the statutory allocation paving way for disbarment to the three tiers of government.