The Federation Account Allocation Committee (FAAC) met and shared N497.73 billion for the month of March under the Chairmanship of the Honourable Minister of State for Finance, Dr Yerima Lawan Ngama.
Federal Government (52.66%) got it share as N233.961, while State Government (26.72%) had N118.668 billion and the Local Governments (20.60%) got N91.488 billion.
As for the value Added Tax (VAT), the distributable amount is N62.009 billion. Federal Government (15%) got N8.929 billion, the States (50%) got N29.764 billion while Local Government (35%) had N20.835 billion. Derivations (13%) of mineral Revenue Oil and Gas are N53.614 meant for the Oil producing states to share.
The gross revenue of N726.772 billion received for the month was lower than the N766.772 billion received in the previous month by N40.000 billion. This was due to a decrease in Crude Oil Export for the month as a result of several operational issues and safety challenges in Bonga, Brass, Bonny and Qua Iboe Terminals.
The meeting was attended by the commissioners of Finance from the 36 States and Abuja. The Co-ordinating Minister for the economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala...
Mandate:
- "Supervision of the accounts of Federal Ministries and Extra-Ministerial department;
- Collate, present and publish statutory financial statements of account required by the Minister of finance;
- Manage federal Government Investments;
- Maintain and operate the federation account;
- Maintain and operate the accounts of the Consolidated Revenue Fund, Department Fund, Contingencies Fund and other public funds and provides cash backing for the operation of the federal Government;
- Conduct routine and in-depth inspection of the books of accounts of Federal Ministries and Extra-Ministerial Department to ensure compliance with rules, regulations, policies, and Internal Audit Guides;
- Investigates cases of fraud, loss of funds, assets and store items and other financial malpractices in Ministries/Extra-Ministerial department;
- Provides financial regulations and issues Treasury Circulars to Federal Ministries/Extra - Ministerial Departments to ensure that there are adequate systems in public funds and for the co-ordination of the collection and disbursement of public funds and for the co-ordination of accounting systems;
- Ensure Revenue Monitoring and accounting;
- Issues officially approved forms bearing Treasury Numbers for use in all Federal Ministries to ensure uniformity;
- Formulate the accounting policies of the Federal Government;
- loans servicing and public debt management;
- The office also manages all the Federal Pay Offices (FPOs) in the 36 states of the Federation. The office has six offices, one in each of geopolitical zones of the country coordinating the activities of the Federal Pay Offices in the zone.
