President Muhammadu Buhari has finally agreed to liquidate the excess crude account after he said they would be no bail out for states and local governments in the country.
According to the Federal Government, the money would be shared on Monday. The money is about $1.7 billion left in the Excess Crude Account, so as to ensure the states and local governments pay salaries and meet other obligations. State governors last week demanded the sharing of the money in the account at the National Economic Council (NEC).
After a meeting with President Buhari, the Accountant General of the Federation, Ahmed Idris told journalists at the villa that the sharing would be done at a meeting scheduled for Monday with the Federation Account Allocation Committee (FAAC).
According to Idris ''Today we are going to meet the FAAC is going to meet, and we are going to distribute as agreed and directed during the NEC meeting last week.''
''The position is very clear,what we met on ground is what we are going to distribute. It is hovering around $1.6 and $1.7 billion, and that is what is going to be distributed among the three tiers of government according to the approved sharing formula.
Mr President had a clear direction which we have to fall in line-prudent manage.