Buhari approves new template for revenue distribution

President Muhammadu Buhari has directed that a new reporting template for federation Account Allocations Committee (FAAC) be developed by the joint Committee of the Federal Ministry of Finance, Office of the Accountant General of the Federation, the Nigerian National Petroleum Corporation and representative of the states.
The Minister of Finance, Mrs. Kemi Adeosun, who disclosed this when she briefed journalists in Abuja after the committee’ s meeting said the new template when implemented will bring about more transparency and accountability in the reporting of NNPC revenue.
“The new template is being worked out and we are hopeful that by next month, we should have some agreement as to what that template would look like.
We will circulate it to the stakeholders, then we will begin to use it.
We don’t have a timeline.
There is a lot of work to be done.
We’ve already started and we recognise that its really fundamental.
I’d rather not give you an update, I would rather give you an assurance that the template would be a lot more accurate, a lot more granular, more specific therefore, a lot more accurate in terms of controlling contributions to the federation account,” she said.
Meanwhile, the Federation Accounts and Allocation Committee last Friday shared the total sum of N821.863 billion as revenue for the month of June , 2018, between the Federal, States and Areas.
In a communiqué issued by the Sub- Technical Committee of Federation Accounts Allocation Committee (FAAC), Office of the Accountant-General of the Federation, the gross statutory earning received for the month is N694.672 billion and is higher than N575.475 billion received in the previous month by N119.197 billion.
The shared amount comprise the Month’s Statutory distributable revenue of N694.672 billion, the Value Added Tax of N85.342 billion and the Excess Gain from the Forex Equalization Account of N41.848 making up the sum of N821.863 billion.
Accordingly, from Net Statutory Allocation, the federal government received N283.540 billion representing (52.68%); States received N143.815 billion (26.72%); Councils received N110.876 billion representing (20.60%); while the Oil Producing States received N37.408 billion as 13% derivation revenue.
Meanwhile, FIRS, Nigeria Custom Service and DPR received the sum of N22.446 billion as their cost of collection and FIRS refund.
There was also N100 Billion transferred to the Excess Crude Account.

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