A meeting of the Federation Accounts Allocation Committee, FAAC, Wednesday, in Abuja, became stormy after state commissioners of finance, insisted on sharing N2.7 billion revenue for September, as against Federal Government’s suggestion that it be kept in the Excess Crude Account, ECA. The FG’s excuse was “based on the view that the country’s savings should be beefed up to mitigate likely shocks on the economy.” But the states’ representatives said their governments needed the money for project execution and payment of workers emoluments. Also contented by the commissioners were accrual presented by the Minister for State for Finance, Ambassador Bashir Yuguda. The commissioners rather demanded that actual amount of unremitted funds by the NNPC.
At the end, Yuguda presented N603.529 billion as total money shared for September, which was lower than N611.767 shared in August. Of the amount, the three tiers of government got N463.779 billion, leaving $4.1 in the ECA.