The Federal Account Allocation Committee (FAAC) reports that some revenue-generating agencies (RGAs) owe the federal government more than N2.9 trillion.
According to FAAC, the total unsettled amount owed to the federation account was N2,977,561,881,021.29 and $36,329,376.24.
This was revealed during a reconciliation conference between FAAC and revenue-generating agencies in April.
Every month, FAAC disburses allocations from money collected into federation accounts, which are made up of various accounts specific to the revenue-generating agency.
The majority of the revenue shared at FAAC meetings by federal, state, and municipal governments comes from oil exports, taxes, and other statutory allocations.
Under the present revenue-sharing arrangement, the federal government receives 52.68 per cent, states receive 26.72 per cent, and local governments receive 20.60 per cent of the money.
Speaking at the meeting, Kabir Mashi, vice-president of the post-mortem sub-committee (PMSC), who represented the committee chairman, stated that the overdue monies were still being reconciled with the relevant agencies during the monthly reconciliation meeting.
The minute read in part:
“Outstanding federation account revenue arising from inter-agencies reconciliation meeting held in April 2024: The Vice Chairman, PMSC reported that the total unresolved amount due to the Federation Account from the reconciliation meeting held with the revenue generating agencies in April 2024 was $36,329,376.24 and N2,977,561,881,021.29.”
Mashi stated that any other outstanding payments from the RGAs before June 2023 were sent to the stakeholder’s alignment committee, and PMSC was awaiting the outcome of the reconciliation.
Akintunde Oyebode, chairman of the commissioners’ forum and finance commissioner of Ekiti state, also thanked the PMSC for its efforts to retrieve unpaid payments from the federation account.
Oyebode stated that the sub-nationals were feeling the effects of the recovery.
