Tuesday, June 23, 2015

Bail Out: Osinbajo heads committee on sharing formula for Excess Crude Account

The Vice president, Professor Yemi Osinbajo is heading a committee on sharing formula for the Excess Crude, reports ITRealms.

The committee, whose number is yet to be made known, according to presidency sources will look at the Excess Crude Account and see what could be shared immediately.

This, was confirmed by the Special Adviser to President Muhammadu Buhari on Media and Publicity, Mr. Femi Adesina, just as presidency ordered that all the revenue generated by agencies must be pay into the Consolidated Federation Account.

In addition, the committee will review the revenue allocation formula; refund of the monies expended by states on federal projects.

Meanwhile the Federal Ministry of Finance, Tuesday also announced the disbursement of N400 billion from the federation account to the Federal, States and Local Governments respectively.

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