FG, states, LGs share N613.6bn for March 2012

Hello Friends!
The Federal Government, 36 states and 774 local governments on Friday shared N613.6 billion for the month of March 2012.

The Minister of State for finance, Yerima Ngama, who gave the figure at the monthly meeting of the Federation Account Allocation Committee in Abuja, said the amount was N7.04 billion less than the figure for February 2012.

 The FAAC meeting had been adjourned two weeks ago owing to a disagreement between the Federal Government and the states.

 State governments had expressed anger at the delay in receiving their allocations from the national treasury, which is said to be short of funds.

 The national treasury is said to be empty as a result of the alleged failure of the Nigerian National Petroleum Corporation to remit oil earnings in March into the Federation Account.

 Consequently, the scheduled FAAC meeting was shifted from April 12 and 13 to April 19 and 20, to give the Nigerian National Petroleum Corporation enough time to fund the treasury.

 Besides the non-remittance of the March earnings, the corporation has a carry-over of N203bn indebtedness to the Federation Account from 2011.

 Culled From The Punch.

xoxo

Simply Cheska...