The sum of N7.617 billion refunded by NNPC was also distributed. In addition, the sum of N35.549 billion was proposed for distribution under SURE-P Programme.
According to the communique issued at the end of the meeting, the gross revenue of N540.870 billion received for the month of January was higher than the N479.950 billion received in the previous month by N60.920 billion, regardless of the serious disruptions in production and lifting operations that was witnessed in the month under review multi leaks, pipeline breaks and theft activities due to maintenance.
A breakdown of the amount showed that federal government received N235.022 billion from the statutory allocation, representing 52.68 per cent, States received N119.206 billion representing 26 per cent, the Local Government Councils got 91.903 billion representing 20.60 per cent, while N52.309 billion went to the oil producing states as their 13 per cent derivation.
From VAT, the federal government received N11.848 billion representing 15 percent, States received N35.493 billion representing 50 per cent while the Local Councils received N27.645 billion representing 35 per cent. Other issues discussed at the meeting include, reports of revenue collection agencies and Military Pensions report, which was red and adopted.
Briefing newsmen, the Chairman of the council, Timothy Udah said the meeting saw the need to advise the finance Minister to turn a new leave on issues concerning FAAC so that much more confidence will be put into by ensuring implementation of resolutions reached at each period.
On the alleged missing fund from NNPC, he said the matter is already before the National Assembly and as such, FAAC could not comment on it pending the determination of the fact finding committee set by the law makers in order not sound prejudicial to the outcome.
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