Federal, States, Local Governments Share N391 Billion From Excess Crude Account

Federal, States and Local  Governments have agreed to share about N391 billion ($1.7 billion) which is left in the controversial  Excess Crude Account.
State governors had, last week at the National Economic Council (NEC) meeting, demanded the sharing of the funds in the account which they had put at $2 billion.
The Accountant-General of the Federation, Ahmed Idris, after meeting with President Muhammadu Buhari, told newsmen at the Presidential Villa that the sharing would be done at a meeting of the Federation Account Allocation Committee (FAAC) scheduled today’s evening.
“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 had set an agenda on how the state and local governments should efficiently management the meagre resources available to the country now. [myad]