By Tony Obiechina
To avoid disputes arising from revenue sharing among stakeholders, President Muhamnadu Buhari has ordered a new template for calculating oil revenue remittance by the Nigerian National Petroleum Corporation (NNPC).
This is just as the three tiers of government, on Friday shared the sum of N821 billion representing federation revenue for the month of June, 2018.
The Minister of Finance, Mrs. Kemi Adeosun, announced the measures while briefing the press at the end of the month’s Federation Account Allocation Committee (FAAC) meeting in Abuja.
According to her, this would permanently address the controversy over inadequate remmitances between the NNPC and state governments.
On the new template, the minister explained that the draft would be out by next month and sent to the states for their inputs.
She said that henceforth, a pre-FAAC meeting would hold between the Federal Ministry of Finance, the NNPC, and the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) to consider the figures available for remittance.
The breakdown of figure showed that the federal government got N315 billion , while States and Local governments received N194. 5 billion and N147, 05 billion,respectively.
The oil producing states of the Niger Delta received additional N42.8 billion representing 13 per cent derivation.