$1.7 billion to be shared from ECA

The Federation Account Allocation Committee (FAAC) will share $1.7 billion from the Excess Crude Account among the three-tiers of government.

This was disclosed to State House correspondents by the Accountant General of the Federation, Ahmed Idris, after a meeting with President Muhammadu Buhari.

The meeting was also attended by the Permanent Secretary in the Federal Ministry of Finance, Mrs. Anastasia Daniel Nwaobia.

Idris disclosed that what the committee met on ground was between $1.6 billion and $1.7 billion, while Edo State Governor, Adams Oshiomhole had last Monday meeting claimed that $2 billion was the balance in the ECA.

The AGF said: “Even today, we are going to meet. The FAAC is going to meet, and we are going to distribute as agreed and directed during the NEC meeting last week, and the position is very clear, what we met on ground Is what we are going to distribute.

On what he met on ground, he said: “It is hovering between $1.6 to $1.7 billion, and that is what we are going to distribute among all the three tiers of governments – the federal, states and local governments based on the approved formula.”

Asked what he is bringing on board as the new AGF, he said: “Well the general message is clear, Mr. President had a clear direction which we all have to fall in line, prudence management of resources and identify more alternative ways of generating revenue, which we are set to do and to manage the meager resources we found on ground very efficiently and effectively for the betterment of the economy.”