Buhari orders review of FAAC revenue reporting template

President Muhammadu Buhari has ordered for the review of the revenue reporting template between the Nigerian National Petroleum Corporation (NNPC) and the federation account allocation committee (FAAC).

Kemi Adeosun, the minister of finance, made this known on Friday while giving the breakdown of how the N821.9 billion revenue generated in June was shared among the three tiers of government.

“As you are aware, in the last couple of FAAC meetings, the accounts presented by NNPC were not acceptable by the states and so Mr President asked to be briefed on the issue,” she said.

“Based on that briefing, Mr President asked for further information to be provided by both the ministry of finance and the NNPC.

“Last Thursday, he held a meeting with myself, the chief of staff, the minister of state for petroleum and the NNPC team.

“Mr President gave some certain directives, one which relates to FAAC, is the need to revise the template.

“It was ascertained that the reporting template between the NNPC and FAAC was not providing the right level of assurance around the figures.

“It is for this reason that he has directed that a new template be generated jointly between the ministry of finance, the office of the accountant-general, NNPC and RMAFC.”

She also said the president has directed that the ministry of finance and NNPC should go through the figures before presenting them to FAAC members.

The minister said the federal government received N283.54 billion, states, N143.81 billion and local government councils N110.87 billion.

Oil producing states received N37.4 billion as 13% derivation of the mineral revenue.

Adeosun said the nation generated N393.17 billion as mineral revenue and N294.17 billion as non-mineral revenue in February.

In the spirit of saving for a rainy day, Adeosun said N100 billion was transferred to the excess crude account, making the balance $2.27 billion.