•Naira notes
The disagreement over the volume of revenue to be distributed among the three tiers of government this month has stalled the sharing of federation revenue in the last two weeks.
It was learnt that N1.969 trillion was planned to be distributed at the end of the January 20 FAAC meeting.
However, the Commissioners of Finance were said to have rejected the amount, insisting on more revenue for distribution, reports Saturday Vanguard.
Usually, the Federation Accounts Allocation Committee (FAAC) meets between the end of the second or third quarter of every month to consider revenue collection of the previous month and share it between the federal, states and local governments for current month’s expenditure.
The disagreement has led to the delay in the payment of public sector workers’ January salaries.
Investigation by our correspondent revealed that Commissioners of Finance who represent their state governments rejected the revenue brought forward for distribution, on the ground that it was too little and did not meet the realities of accruals in December 2025.
States’ rejection of monthly revenue at FAAC is not new.
However, in the past, such complaints were addressed within a few days and funds shared.
An official of the OAGF who spoke to our correspondent said it was expected that the issue would be resolved early next week.
FAAC consists of officials of the Federal Ministry of Finance, the OAGF, representatives of revenue agencies such as the Nigerian National Petroleum Company Limited, Nigeria Customs Service, the Nigerian Revenue Service, State Commissioners of Finance who represent the states and Local Governments Areas, among others.
