Buhari Orders Review Of Revenue Template Between FAAC, NNPC

President Muhammadu Buhari has ordered the review of the revenue reporting template between the  Nigerian National Petroleum Corporation (NNPC) and the Federation Account Allocation Committee (FAAC).

The Minister of Finance, Kemi Adeosun, conveyed the President’s directive on Friday while giving a breakdown of how N821.9bn revenue generated in June was shared among the three tiers of government.

Adeosun said Buhari also directed that henceforth, before FAAC meetings, a team from the Ministry of Finance and the NNPC should go through the figures and agree before presenting it to FAAC members.

Giving a breakdown of the allocation for the month of June, Adeosun said that after deductions for cost of collections, the Federal Government received N283.54bn.

Adeosun said in accordance with the revenue sharing formula, the 36 states governments received N143.81 billion, while the Local Government Councils received an allocation of N110.87 billion.

In addition, she announced that N37.4bn representing 13 percent of the mineral revenue generated in the month of June, was also shared among the oil producing states.

To this end, Adeosun said the nation generated N393.17bn as mineral revenue and N294.17 billion as non-mineral revenue in February.

She said that in the spirit of saving for a rainy day, N100bn was transfered to the Excess Crude Account, making the balance $2.27bn.