The federal government and the 36 states have agreed to share $1.7billion (N391billion) of the $2billion balance in the Excess Crude Account.
Accountant General of the Federation (AGF) Ahmed Idris, claimed that was the amount left in the treasury by the outgone Goodluck Jonathan administration.
States have sought bail out from the Federal Government in their bids to settle several months outstanding salaries to their personnel, in addition to other needs
If the amount is shared by the 36 states, it will leave $300million in the account. Edo state governor, Adams Oshiomole had while briefing journalists after the National Economic Council (NEC) meeting last Tuesday, announced that the country currently had $2.0 billion in the excess crude account.
Idris spoke after a session with President Muhammadu Buhari, at the Presidential Villa alongside permanent secretaries from ministries, who came to clarify issues in the handover notes, as well get the policy drift of the current administration.
Idris said “ The Federation Account Allocation Committee (FAAC) is going to meet, and we are going to distribute as agreed and directed by the NEC and the position is very clear, what we met on ground is what we are going to distribute.
“What is on ground hovers around $1.6 to $1.7 billion, and that is what we are going to distribute among all the three tiers of government, the federal, states and local governments, based on the approved formula”. Idris refers to the direction of the President, which he said was “prudent management of resources” as well identifying alternative ways of generating revenue, and good management of the “meager resources” .
President Muhammadu Buhari had recently raised a committee to explore the possibility of sharing revenue from the account after state governments, some of whom are owing months of salaries to the workers, approached him for bailout.
