FCT area councils get N1.5bn
The six area councils in the Federal Capital Territory (FCT) last Thursday got N1,501,176,445.24.
The money made available to the area councils after the Joint Account Allocation Committee (JAAC) meeting, accrues to the area councils from the federation account.
FCT Permanent Secretary John Chukwu disclosed that the JAAC meeting was sequel to the earlier meeting held by the Federation Account Allocation Committee on 22nd September 2015.
According to him, the money comprised Statutory Revenue Allocation of N599,122,677.96; Value Added Tax of N893,892,259.86, and Exchange Rate Gains (August) of N8,161,507.42 totalling N1,501,176,445.24.
Chukwu revealed that Abuja Municipal Area Council (AMAC) received the highest share of N353,654,171 followed by Bwari Area Council that got N250, 226,160.05.
Gwagwalada Area Council got N232,595,399.19; Kuje Area Council N225,553,845.96; Kwali Area Council N227,405,902.23 and Abaji Area Council got the lowest share of N211,740,967 for the month of August 2015.
The permanent secretary disclosed that statutory deductions were made in accordance with the Fund Allocation Monitoring Act, payment of primary school teachers salaries, 15 percent pension fund, one percent training fund; LEA teachers monetization entitlements as well as 7.5 percent employer pension contribution.
While enjoining council chairmen to make judicious use of the funds, Chukwu called for ways of improving Internally Generated Revenue (IGR) because revenue at the centre has dwindled.