Connect with us

Press Releases

FAAC Denies Approving Withdrawal Of $2bn Excess Crude Funds

Published

on

Estimated Reading Time: <1

OFFICE OF ACCOUNTANT GENERAL OF THE FEDERATION
UPDATE ON THE EMERGENCY FAAC MEETING OF MONDAY 6TH JULY 2015.

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

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Wordpress Social Share Plugin powered by Ultimatelysocial
error

Enjoy this blog? Please spread the word :)

Follow by Email
Instagram