By NBF News
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New Chairman of Commissioners Forum, Mr.Eze Echesi, at the weekend told newsmen after a meeting of the Federation Accounts Allocation Committee(FAAC) in Abuja, that the controversial N450 billion owed the committee by Nigeria National Petroleum Corporation (NNPC) dominated discussions in the meeting.

Echesi who doubles as the Commissioner of Finance, Anambra State, told newsmen that the debt issue has become an albatross and that discussions on it is still ongoing between NNPC and FAAC.

He, however, expressed optimism that the matter would soon be resolved.

However, about N616, 246 billion was shared among the three tiers of government from the Federation Account for the month of July, 2011.

The total revenue distributable (including VAT) and augmentation is N616,246 billion thus showing an increase of N9,802 billion or 1.62 per cent compared to the amount distributed in June 2011.

Speaking to newsmen after the meeting, Minister of State for Finance, Dr Yerima Lawan Ngama explained that there was an exchange gain of N257,666 million being the difference between the average of the prevailing exchange rates and the average of the prevailing rates and the budgeted rates.

In his own remarks, the Accountant General of the Federation, Mr. Jonah Otunla gave the gross revenue for the month of July as N906, 759 billion which is a little higher than the N883, 300 billion received in the previous month by N23, 459 billion .

Otunla stated that this was due to the improved crude oil production and lifting witnessed during the month as a result of empowerment in operations at some terminals after maintenance works. He said revenue was further boosted by companies' income tax payment made by various large companies as well as the collection of arrears of royalties. 'The distributable statutory revenue for the month is N536,437 billion , which shows an increase of N 65,460 billion or 13.90 per cent when compared to that of June2011.