Economy

FAAC Meeting Deadlocked as Minister of Finance called for Emergency meeting

- by Rasheed Raji - 47 Comments.

The monthly Federal Account Allocation Committee (FAAC) meeting, which began on Tuesday was inconclusive due to discrepancies of about N37.76 billion in revenue presented by the NNPC.

The Accountant-General of the Federation, Mr. Ahmed Idris told newsmen in Abuja, that the meeting was inconclusive because of irregularities in figures presented by the NNPC.

“Obviously, you are all aware that anything that has to do with federation revenue is statutory and, therefore, constitutional and we must always verify our figures to the last kobo.

“Failing to do so will amount to committing illegality and unconstitutionality.

“We started this meeting last week and NNPC did not submit their figures until yesterday (Monday), which we were not able to review until this morning.

“This morning when we were reviewing the figures as presented by the NNPC, it came as a great surprise to see that the amount was less than N100 billion.

“So we (states) decided that we will not collect the amount presented,

“We are contesting the figures because pipeline vandalism has reduced, while crude oil prices have continued to go up.

“On this note, we are wondering why the nation cannot raise enough money through that sector to share to states so that everyone can pay workers, contractors and so on.

“We are well aware that this development may affect the payment of salaries in states, but we cannot hurriedly accept this money and then later cry foul play.

“So, we should all be patient. But we hope that with this latest development, NNPC will do the needful as soon as possible,’’ he said.

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47 Comments on “FAAC Meeting Deadlocked as Minister of Finance called for Emergency meeting”

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