The Federation Accounts Allocation Committee (FAAC) has suspended the revenue crisis that made it impossible to share the statutory allocation on Tuesday to pave way for the disbursement of funds to the three tiers of government, The Punch reports.
The meeting had ended in a deadlock on Tuesday following disagreement about the revenue figures remitted into the federation account by the NNPC for sharing by the three tiers of government. But late last night, the Minister of Finance, Mrs Kemi Adeosun intervened by reconvening the meeting on Wednesday.
At the reconvened meeting on Wednesday, the committee distributed the sum of N647.39bn to the three tiers of government. Out of this 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.