The Federal Government on Monday, July 6, 2015, agreed to share about N391 billion ($1.7 billion) left from the controversial Excess Crude Account with state governments.
State governors had last week at the National Economic Council (NEC) meeting demanded the sharing of the funds in the account which they had then put at $2 billion.
Accountant-General of the Federation, Ahmed Idris, after meeting with President Muhammadu Buhari, said that the sharing would be done at a meeting of the Federation Account Allocation Committee (FAAC) scheduled for Monday evening.
According to Idris: “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.
“The position is very clear, what we met on ground is what we are going to distribute. It is hovering between $1.6 and $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.”
He said that the president was clear in his instructions on more efficient management of the meager resources available to the country now.
The move, it was gathered, was aimed at putting an end to the lingering crisis of unpaid workers’ salaries in the country.