Critical Infrastructure
FG contributes N320b to revamp power sector, says RMAFC
Apr 6, 2009, 15:36
| | In furtherance of President Umaru Musa Yar’Adua’s administration’s determination to fix the power sector, the Federal Government is contributing more than the other tiers of government in the funding of the sector.
The Revenue Mobilisation, Allocation and Fiscal Commission [RMAFC] said it has disbursed more than N700billion [about $5billion] from the excess crude account, on behalf of the governments, to revamp the power sector.
Out of this amount, N147billion was disbursed to the three tiers of government for their contributions to the power project.
The RMAFC said in a statement on Monday April 6 that the Federal Government was contributing N320b to the project while the 36 states and the 774 Local Governments are contributing N180b and N139b respectively.
The Federal Capital Territory and the Ecology fund would contribute N7b each.
The Commission explained further that the pattern of disbursement was based on constitutionally laid down procedure for disbursement of funds across the three tires of government, the FCT and 13 percent derivation.
Other criteria are ecology, stabilization funds and the development of natural resources.
The amount in the excess crude account was about $20billion and with the deduction for the power project, the balance is about $15b.
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