The Federal Government has agreed to share about N391bn left in the controversial Excess Crude Account with state and local governments.
This for the meantime, puts an end to the running battle between the federal government and the state over the running of the account. It will also assist states in reducing outstanding salaries owed to workers.
According to the Accountant-General of the Federation, Ahmed Idris, the sharing will be done Monday evening during the meeting of the Federal Account Allocation Committee.
“The position is very clear, what we met on ground is what we are going to distribute. It is hovering between $1.6 and $1.7 billion, and that is what we are going to distribute among all the three tiers of governments, the federal, states and local governments based on the approved formula.” Mr. Idris said