The Accountant General of the Federation, AGF, Ahmed Idris, said federal, state and local governments are to share $1.7bn (N391bn) from the Excess Crude Account, ECA, based on approved formula.
Idris disclosed this while speaking with State House correspondents after the Ministry of Finance briefed President Buhari at the Presidential Villa. Buhari had on June 25 appointed Idris as the AGF, following the exit of Jonah Otunla.
Speaking on the sharing of the ECA, Idris said the Federation Account Allocation Committee, FAAC, would meet and share as agreed and directed during the NEC meeting last Monday.
While explaining what he met on ground, Idris said: “It is hovering between $1.6bn and $1.7bn, 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,” However, at last week’s NEC meeting, Edo State governor, Adam Oshiomhole, had disclosed that about $2bn was left in the ECA.
Speaking further on the meeting with the President, Idris explained that Buhari stressed the need for prudent management of resources.
“The general message is clear: Mr. President had a clear direction which we all have to fall in line with – prudent management of resources and identification of more alternative ways of generating revenue, which we are set to do and to manage the meager resources we found on ground very efficiently and effectively for the betterment of the economy,” he said.
Speaking earlier, permanent secretary Ministry of Finance, Anastasia Daniel- Nwaobia, maintained that the state of the finances of the country was nothing to be worried about, stressing that it is in the right shape. She said: “The state of Nigeria’s finances is okay; our finances are still okay, though we are still going through challenges of revenue stream to government, and this you know obviously is from the oil shock.
“The price of oil that has dropped; it has significantly reduced the revenue stream to government; but we are working in other ways to see how we can shore up the revenue so that we will be able to meet our expenditure.”
She said there is a liability on subsidy payment, which was being verified by the CBN and the Budget Office. “We did not say that we will not pay subsidy. Like the former minister said, there is a liability on subsidy, which is being verified by the CBN and theBudget Office of the Federation.
“The issue has to do with the forex differentials which they were claiming and this committee is looking into it, and as soon as it is resolved we will be able to pay the verified amount also,” she added. Daniel-Nwaobia described as unfair, reports of massive looting in the ministries as a result of the absence of ministers.
She noted that those making the allegation should come with evidence that there is largescale looting going on. She said the absence of ministers would not affect proper administration of ministries, saying that civil servants are the people that drive the affairs of government. “I don’t think it is an issue to bother about.
Government is a continuum, even if you have political heads there, the engine room of the service is the civil servants, and we have continued to do our work,” Daniel- Nwaobia said.