FAAC Resolves NNPC Dispute, Drops Allocation By N20bn

The dispute between the Federation Accounts Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC) over April allocation to the three tiers of government was resolved on Friday.

The meeting had ended in a deadlock on Wednesday after revenue figures tendered by the NNPC were rejected by FAAC members.

But following a rescheduled meeting on Thursday, both parties agreed to allocate N623.82 billion to federal, state and local government.

The figure is a shortfall of N20 billion, compared to the N647.39 billion shared amongst the three tiers of government in March.

Confirming the development to newsmen after the meeting held in Abuja, Ahmed Idris, Accountant General of the Federation, said there was a dip in the Excess Crude Account (ECA) from $2.3 billion to $1.830 billion.

The latest balance in the ECA follows the withdrawal of $496 million for the purchase of Tucano military airplanes from the U.S.

Idris also confirmed that there is an ongoing reconciliation of NNPC revenue figures for February.

At the end of the meeting, the federal government received N263.102 billion, states went home with N167.511 billion and local governments were given N126.293 billion.

Oil-producing states received N54.518 billion as 13 percent mineral revenue, while the Federal Inland Revenue Service (FIRS) received N 15.402 billion as the cost of collection.