The Federation Account Allocation Committee held an extraordinary meeting on Monday to share the revenue received from the Nigerian Liquefied Natural Gas to the three tiers of government.
A total of N359,374,355,607.60 was collected by the Federal Inland Revenue Service and shared among the Federal, States and Local Governments.
The Federal Government was allocated N189,318,410,534.03 (52.68%), the 36 States got N96,024,827,818.35 (26.72%), while the Local Governments got N74,031,117,255.16 (20.60%).
Also at the meeting, the CBN Governor, Godwin Emefiele, informed State Governments that the Federal Government was worried about the inability of some states to meet their obligation to their workers in the area of monthly wages.
Emefiele noted that the inability of most states to pay salaries was due to the huge debt hanging on their necks.
Emefiele observed that most states take short term loans for long term projects and servicing their monthly obligations to the banks hampers cash flows, thereby restricting them from payment of salaries.
The CBN governor also informed the states that the apex bank was willing to assist them in restructuring the loans owed commercial banks.
He directed the affected states to submit to the CBN on or before July 8, 2015 the list of their loan obligations and other indebtedness to enable the apex bank assist them restructure the loan to a long tenure.
He explained that the assistance by the CBN was in the form of concessionary rates to the interested states.
Emefiele said the CBN will schedule a meeting with the states upon receipt of the required data and expressed optimism that the process will be completed before next week.
He advised recipients of the CBN loans to prioritise salary payment as its first line charge, before meeting other obligations.
The meeting was chaired by Permanent Secretary of the Federal Ministry of Finance, Anastasia Daniel-Nwaobia.
Also present were the Accountant-General of the Federation, Alhaji Idris Ahmed; Emefiele; state Commissioners of Finance; State Accountants-General; and Representatives of Federal Inland Revenue Service and Nigeria Customs Service.
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