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FAAC Meeting Deadlocked, Adeosun Reschedules It For Tomorrow

The Federation Accounts Allocation Committee (FAAC) meeting held today in Abuja ended in  deadlock following the discrepancies observed in the revenue figures presented by the Nigerian National Petroleum Corporation (NNPC) for consideration.

The meeting was convened to consider and approve statutory allocations to the tiers of government for February.

As a result of the discrepancies, the meeting could not approve revenue distributions to the three tiers of government.

The members noted that the discrepancies in revenue figures presented by the corporation were capable of incapacitating the states and local governments from paying workers’ salaries for the month.

The Accountant-General of the Federation, Ahmed Idris, confirmed the development to journalists at the headquarters of the Federal Ministry of Finance, Abuja, the venue of the meeting.

However, the Minister of Finance has ordered that the meeting be re-convened tomorrow to enable members take appropriate decisions on the agenda earlier set for consideration.

The Minister’s Special Adviser, Media and Publicity, Oluyinka Akintunde, stated that the re-scheduled meeting slated to start by 9.00 am, will be held at the same venue.

According to him, the Accountant General of the Federation, Mr. Ahmed Idris; Commissioners of Finance and Accountant-Generals of the 36 states and representatives of the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service, Nigeria Customs Service, Department of Petroleum Resources, among others, are expected to attend the meeting.

The Minister also called for an emergency meeting next week with the Group Managing Director of NNPC, Mr. Maikanti Baru, and key management over revenue payment into the Federation Account.

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