The Accountant-General of the Federation, Alhaji Ahmed Idris, said on
Tuesday the bailout funds for states were not deducted from the $2.1
billion in Excess Crude Account.
He said the cash was sourced from the accrued Company Income Tax (CIT) realized from the Liquefied Natural Gas (LNG). The fund was put at N359, 374,355, 607.60.
He said the funds in Excess Crude Account were intact and the administration of President Muhammadu Buhari was yet to touch it.
The AGF made the clarifications in a statement issued through the Head and Deputy Director, Press and Public Relations in the Office of the Accountant-General of the Federation, Kenechukwu N. Offie, against the backdrop of misrepresentation of President Buahri’s gesture.
There had been allegations that the President emptied the nation’s treasury to offer relief package to states to pay workers’ outstanding salaries.
The statement said: “The Accountant-General of the Federation, Alhaji Ahmed Idris, has noted with great concern that the information in the public domain is inconsistent with the details of the amount distributed at the emergency Federation Accounts Allocation Committee (FAAC) meeting held on Monday 6th July 2015.
“Consequently, it has become necessary to provide further clarification about the outcome of the said emergency FAAC meeting.
“The public is also invited to please note that no withdrawal was made from the Excess Crude Account (ECA) and that the current balance still remains $2.1 billion.”
He said the cash was sourced from the accrued Company Income Tax (CIT) realized from the Liquefied Natural Gas (LNG). The fund was put at N359, 374,355, 607.60.
He said the funds in Excess Crude Account were intact and the administration of President Muhammadu Buhari was yet to touch it.
The AGF made the clarifications in a statement issued through the Head and Deputy Director, Press and Public Relations in the Office of the Accountant-General of the Federation, Kenechukwu N. Offie, against the backdrop of misrepresentation of President Buahri’s gesture.
There had been allegations that the President emptied the nation’s treasury to offer relief package to states to pay workers’ outstanding salaries.
The statement said: “The Accountant-General of the Federation, Alhaji Ahmed Idris, has noted with great concern that the information in the public domain is inconsistent with the details of the amount distributed at the emergency Federation Accounts Allocation Committee (FAAC) meeting held on Monday 6th July 2015.
“Consequently, it has become necessary to provide further clarification about the outcome of the said emergency FAAC meeting.
- That the amount distributed was not from the Excess Crude Account ECA but rather the accrued Company Income Tax (CIT) realized from the Liquefied Natural Gas (LNG) N359, 374,355, 607.60
- That the amount that was distributed was less the cost of collection
- The Federal government got 56.68 per cent amounting to N181,745,674,112.72
- The state governments got 26.72 per cent amounting to N92,183,834,705.62
- Local government councils got 20.60 per cent amounting to N71, 069,872,564.96.
“The public is also invited to please note that no withdrawal was made from the Excess Crude Account (ECA) and that the current balance still remains $2.1 billion.”
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