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FAAC considers new guidelines for excess crude account savings, withdrawals
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Nigeria, Jan. 8 -- The Federation Accounts Allocation Committee (FAAC) is considering fresh guidelines for revenue inflows and withdrawals from the excess crude oil revenue account (ECA).
Under the guidelines recommended by an ad-hoc committee constituted in July 2018 by the former Minister of Finance and then chairman of FAAC, Kemi Adeosun, minimum monthly statutory revenue to be shared from the Federation Account by the three tiers of government has been pegged at about N680 billion.
The committee was constituted to consider series of complaints by some Finance Commissioners, particularly those from the nine oil producing States of the federation, concerning the manner of transfers into and withdrawals from the Excess Crude Oil, Petro...
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