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Home Government Only N359bn Distributed at Emergency FAAC and Not from ECA
  • Government

Only N359bn Distributed at Emergency FAAC and Not from ECA

By
Kenechukwu N. Offie
-
July 7, 2015
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The Accountant-General of the Federation Alhaji Ahmed Idris has noted with great concern that the information in the public domain is inconsistent with the details of the amount distributed at the emergency Federation Accounts Allocation Committee (FAAC) meeting held on Monday 6th July 2015.

Consequently, it has become necessary to provide further clarification about the outcome of the said emergency FAAC meeting.

a. That the amount distributed was not from the Excess Crude Account ECA but rather the accrued company income tax (CIT) realised from the Liquefied Natural Gas (LNG) N359, 374,355, 607.60

b. That the amount that was distributed was less the cost of collection

c. the Federal government got 56.68% amounting to N181,745,674,112.72

d. the State governments got 26.72% amounting to N92,183,834,705.62

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e. local government councils got 20.60% amounting to N71,069,872,564.96.

The Accountant-General of the Federation Alhaji Ahmed Idris makes this clarification in order to provide Nigerians with the correct and authentic information about the outcome of the proceedings at the Federation Accounts Allocation Committee meeting held on Monday 6th July 2015.

The public is also invited to please note that no withdrawal was made from the Excess Crude Account (ECA) and that the current balance still remains $2.1 billion.

Signed

Kenechukwu N. Offie
Head and Deputy Director
Press and Public Relations
Tuesday 7th July 2015.

PRNigeria encourages institutions to be transparent in their information management as it provides news items from authoritative sources for free use by the media

 

 

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PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
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Board Postpones Recruitment into Immigration, Civil Defence, Fire, and Correctional ServicesOdodo Vows Justice for Slain Retired MajorEFCC Witness: Yahaya Bello Had No Property Dealings With EFABNPTF Commissions Smart Divisional Police Headquarters in KogiWorks Ministry Equip Engineers for Quality Infrastructure Delivery — PS Engr Olufunsho AdebiyiRukayat Shittu Set to Publish Inspirational Book "Cracking the Glass Ceiling", Reveals on The Bridge PodcastBenue Governor Condemns Killing of Two Kano Indigenes, Orders Immediate Arrest of PerpetratorsNigeria, Brazil Bolster Alliance on Tech Transfer, Maritime SecurityCDS Backs Bills for Early Voting, Sustainable Funding for MilitaryFormer Kwara Governor, Chief Adebayo, Dies at 84Soldier Kills Robbery Suspect in Niger Barracks as Police Arrest Notorious Bandit, Recover Arm in Sokoto10 Die as Rival Bandit Groups Clash in ZamfaraTwo Killed, Two Injured as Troops Repel ISWAP Attack in BornoNigerian Army Sharpens Commanders' War Planning Skills for Decisive CombatHoCSF: Civil Service Must Lead Solutions to 21st Century Challenges
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