Six FCT Area Councils Share N1.5b Allocation

Six FCT Area Councils Share N1.5b Allocation

Chris Steven, Abuja

The Federal Capital Territory (FCT) Joint Account Allocation Committee (JAAC) has distributed the sum of N1,501,176,445.24 to the six Area Councils of the nation’s capital as allocation  accruing to them from the Federation Account.

According to the  FCT Permanent Secretary, Engineer John Obinna Chukwu, who made this disclosure on Monday in his office, the JAAC meeting where the allocation was made held last Thursday.

He said that the meeting was sequel to the earlier meeting held by the Federation Account Allocation Committee on the 22nd September 2015.

Engineer Chukwu explained that  the sum comprises 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 totaling N1,501,176,445.24.

He revealed that Abuja Municipal Area Council received the highest share of N353,654,171; followed by Bwari Area Council that got N250, 226,160.05.

Others are Gwagwalada Area Council with N232,595,399.19; Kuje Area Council got N225,553,845.96; Kwali Area Council received N227,405,902.23 and Abaji Area Council which received 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 the Primary School Teachers Salaries, 15% Pension Fund, 1% Training Fund; LEA Teachers Monetization Entitlements as well as 7.5% Employer Pension Contribution.

Engineer Chukwu thus, enjoined the Council Chairmen to make judicious use of the funds by ensuring that transparency and accountability remain their watchword.

He also advised the Councils to devise ways of improving their internally generated revenues (IGR) in view of the dwindling resources accruing to the government.