By Gift Samuel, The Sight News
Abuja-After an inclusive Federation Account Allocation Committee (FAAC) meeting on Tuesday due to issues with the figures presented by the Nigerian National Petroleum Corporation (NNPC), the Committee has on Wednesday shared the sum of N647.39 billion to the Federal, State and Local Governments.
The meeting was reconvened Wednesday Morning at the headquarters of the Ministry of Finance after interventions by the Minister of Finance, Mrs Kemi Adeosun, Tuesday night.
From the distributed amount, the Federal Government received N270.8bn, states got N173.75bn and the 774 local government councils were allocated a total amount of N130.9bn.
The committee also allocated the sum of N57.35bn to the oil producing states as 13 per cent derivation while N14.55bn was returned to the revenue generating agencies as cost of revenue collection.