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FAAC: FG, States, LGAs Share N886bn For February
The Federation Account Allocation Committee (FAAC) yesterday in Abuja shared N886.402 billion to the three tiers of government for the month of February.
The Minister of State for Finance, Dr Yerima Ngama disclosed this while briefing newsmen on the outcome of the monthly FAAC meeting yesterday in the Federal Capital Territory.
Our correspondent reports that the sum represents an increase of N311 billion, compared to the N575.46 billion which was shared by federal, states and the local governments in January.
A breakdown of the distribution indicated that the Federal Government received N209.865 billion (52.68 per cent); States N106.443 billion (26.72 per cent) while the local governments got N82.062 billion (20.60 per cent).
Represented by the Accountant General of the Federation, Mr Jonah Otunla, the minister said the gross revenue of N571.676 billion received in February was lower than N651.265 billion received in the previous month.
“This is a result of deferment of crude oil revenue valued at $227.20 million and $108.09 million due on March 1 and April 4, 2013, respectively.
“The total amount will be received in subsequent months.
“Production was hampered by pipeline vandalism at Bonny, Forcados and Brass Terminal,’’ the minister explained.
Ngama said the N7.61 billion refund by the NNPC was also distributed in addition to N35.549 billion for the Subsidy Reinvestment and Empowerment Programme (SURE-P).
Also, a total of N47.484 billion, representing 13 per cent oil derivation, was shared among the oil producing states.
The minister put the gross revenue available from the Value Added Tax (VAT) for the month at N62.70 billion compared with N65.291 billion in the preceding month.
Ngama said that a total of N121.413 was paid into the Excess Crude Account.
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RSG INAUGURATES ARMED FORCES REMEMBRANCE DAY COMMITTEE
The Rivers State Government has inaugurated a Central Planning Committee to organize the celebration of the 2026 Armed Forces Remembrance Day (AFRD) in the State.
The committee was formally inaugurated by the Secretary to the State Government, Dr. Benibo Anabraba in Port Harcourt, last Thursday.
Dr Anabraba who also serves as Chairman of the Committee
highlighted the State Government’s deep appreciation for the sacrifices of Nigeria’s fallen heroes who laid down their lives for the nation’s peace and unity.
“These heroes have given their lives for the security and peace of our nation and deserve to be celebrated. The Armed Forces Remembrance Day is an opportunity to show our gratitude for their sacrifice,” he said.
Dr. Anabraba further extended recognition to all Security Agencies in the State, emphasizing the importance of the event in appreciating their contributions to national security and sovereignty.
The annual Armed Forces Remembrance Day, observed on January 15 across the country is dedicated to remember Nigeria’s departed soldiers and honouring the nation’s veterans.
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