The Federal Account Allocation Committee (FAAC) reports that some revenue-generating agencies owe the federal government over N2.9 trillion.
FAAC stated that the unresolved amount due to the federation account is N2.98 trillion and $36.3 million. This was revealed during the FAAC reconciliation meeting with these agencies on April 19.
Every month, FAAC distributes revenue from various accounts to the federal, state, and local governments. Most of this revenue comes from oil exports, taxes, and other statutory sources. The current revenue-sharing formula allocates 52.68% to the federal government, 26.72% to the states, and 20.60% to local governments.
At the meeting, Kabir Mashi, vice-president of the post-mortem sub-committee (PMSC), said the outstanding amounts are still being reconciled with the relevant agencies. The total unresolved amount from the April meeting was $36.3 million and N2.98 trillion.
Mashi noted that all other outstanding amounts before June 2023 were referred to the stakeholders alignment committee, and the PMSC is awaiting the reconciliation outcome.
Akintunde Oyebode, chairman of the commissioners’ forum and finance commissioner of Ekiti State, praised the PMSC for their efforts in recovering the outstanding funds, highlighting the positive impact on sub-national governments.”
