FG, states, LGs share N755.9bn in June – FAAC

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The Federation Accounts Allocation Committee (FAAC) on Tuesday shared the total sum of N755.95 billion among the three tiers of government for the month of June.

A breakdown of the allocated amount showed that N582.93 billion was shared under statutory allocation, N66.414 billion was distributed under Value Added Tax (VAT), while the balance of N71.04 billion was shared from excess non-oil revenue.

The Minister of State for Finance, Amb Bashir Yuguda who presided over the meeting put the gross revenue received in the month of June at N784.88 billion. This, he stated represents a decrease of N59.15 billion over the N844.03 billion received in the month of May.

The committee also approved the transfer of N50.35 billion into the Excess Crude Account thus bringing the balance in the account to $4.05 billion. The committee also insisted that the retention of fuel subsidy is a fraud against the country.

The Chairman, Forum of Commissioners of Finance of the 36 states of the federation, Mr Timothy Odaah made the position of the committee known while briefing journalists shortly after this month’s FAAC meeting.

Odaah said while the report of the 12-man committee on the review of subsidy was still being awaited, the current position of FAAC is that subsidy must be removed since the purpose for which it was established had been defeated.

He said, “The issue of subsidy removal re-echoed today and it became an issue of discussion and the report of the committee set up three months ago is being awaited and we still stand on the removal of subsidy as it will be of much benefit to the states because what we have now is like robbing Peter to pay Paul.

“The purpose by which government set up subsidy is being defeated and so it should be based on consumption.”

On revenue generation, Odaah said there had been a tremendous improvement in non oil revenue noting also that the rate of oil theft had reduced.

– Daily Independent

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