Update on the emergency FAAC meeting of Monday, 6th July, 2015.

From the Office of the Accountant general of the Federation.
The Accountant-General of the Federation Alhaji Ahmed Idris has sought to correct the information in the public domain  on the details of the amount distributed at the emergency Federation Accounts Allocation Committee meeting held on Monday, 6th July, 2015.

Consequently, he said the emergency Federation Accounts Allocation Committee meeting distributed monies not from the excess crude account (ECA) but rather from the accrued company income tax  (CIT) realized from the Liquefied Natural Gas ( LNG) which was N359,374,355, 607.60.

“That the amount that was distributed was less the cost of collection.  The Federal Government got 56.68% amounting to N181,745,674,112.72; the States Governments got 26.72%, amounting to N92,183,834,705.62, whilst the Local Government Councils got 20.60%, amounting to N71,069,872,564.96.

The Accountant-General of the Federation Alhaji Ahmed Idris sought to make 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.  He also sought to make the public note that no withdrawal was made from the Excess crude account (ECA) and that the current balance still remains $2.1 billion.