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Wednesday, June 19, 2024

Again, FAAC meeting ends in deadlock

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Courtesy: NAN
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Finance minister Kemi Adeosun

The monthly Federation Account Allocation Committee (FAAC) meeting ended in a deadlock on Wednesday in Abuja.
The FAAC monthly meeting is the forum where money is shared among the federal, states and local governments ended with participants wearing long faces.
Mr Mahmoud Yunusa, Chairman, Forum of Finance Commissioners of FAAC, who declined to be interviewed, said in passing that they were going back to confer with the state governors.
However, Mr Hassan Dodo, Director Press, Ministry of Finance, said the meeting would reconvene before the end of the week.
NAN reports that for some months now FAAC participants  have been experiencing difficulties in agreeing with figures because of revenue remittance discrepancies.
This is largely attributed to the Nigerian National Petroleum Corporation (NNPC) not remitting all revenue accrued within the month.
The corporation has been accused of dishonouring its statutory obligations to the federation account over time.
Meanwhile, the NNPC in a statement said it had remitted N147 billion  to FAAC in line with  agreement with state governors as June remittance.
It said the amount remitted  was above the agreed  N112 billion.
According to the corporation, it said it is regrettable that the governors were still requesting for another N40 billion.
“NNPC had agreed with the governors to make a monthly remittance of N112 billion to the FAAC, but the NNPC was able to exceed the amount by N35 billion, bringing its remittance in June 2018 to N147 billion,” it said.

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