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Accountant General clarifies FAAC meeting outcomes

08 July 2015, 20:33

Abuja - The Accountant-General (AG), Alhaji Ahmed Idris, has expressed concern that information in the public domain was inconsistent with the details of the amounts distributed at the emergency Federation Accounts Allocation Committee (FAAC) meeting held on Monday.

He said consequently, it had become necessary to provide further clarification about the outcome of the said emergency FAAC meeting.

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 billion saying the amount that was distributed was less the cost of collection.

The federal government got 56,68 percent amounting to N181 745 billion while the state governments got 26.72 percent amounting to N92 183 billion.

Also read: Okonjo-Iweala challenges governors over missing $20 billion

Local government councils got 20,6 percent amounting to N71.069 billion.

“The Accountant-General of the Federation 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,”

Kenechukwu Offie, Head and Deputy Director of  Press and Public Relations in the Office of the AG, stated.

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

- CAJ News

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