The Minister of State for Finance, Yerima Ngama, on Wednesday announced the payment of the sum of N150 billion arrears for the month of February 2013 to the 36 six states of the federation.
The announcement is coming after an impasse between the Finance Ministry and state commissioners of finance as well as a meeting between state governors and President Goodluck Jonathan over non-payment of the arrears early this week.
Mr. Ngama said that a total of N502 billion is to be disbursed to the federal, state and local governments for the month of May.
The chairman of the Finance Commissioners Forum, Timothy Odah, expressed satisfaction over the payment of the outstanding arrears.
President Jonathan had on Monday met with 25 governors over the crisis on sharing of revenue accruing to the three tiers of government and a committee was set up to solve the impasse.
The four-member reconciliation committee comprised Governors Isa Yuguda of Bauchi, Emmanuel Uduaghan of Delta, Ibrahim Dankwambo of Gombe, and Peter Obi of Anambra States.
The committee agreed to clear the arrears of funds accruing to state governments.