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FAAC meeting deadlocked again as FG, states reject NNPC figures

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The monthly Federation Account Allocation Committee (FAAC) meeting has again ended in a stalemate.

This followed federal and state governments’ rejection of the revenue figures submitted by the Nigeria National Petroleum Corporation (NNPC) for the month of May.

One of the finance commissioners, who did not want to be named told the News Agency of Nigeria (NAN) that the committee was still not satisfied with the revenue figures presented before the committee by the NNPC

The commissioner said that the committee agreed to postpone the meeting to Thursday, to give NNPC a chance to make adjustments.

It would be recalled that a meeting convened on June 27 was also inconclusive.

Meanwhile, President Muhammadu Buhari has promised to resolve issues affecting timely sharing of the monthly allocation.

Minister of Finance, Kemi Adeosun, made the disclosure in a chat with State House correspondents.

She said, “As you know, the last FAAC meeting ended in a deadlock and since then, we have been having series of engagements among ourselves, the governors, the commissioners, and of course, the various stakeholders.

“Mr. President has promised to take the next step and to that extent, we are very satisfied.”

Asked if the Nigerian National Petroleum Corporation (NNPC) was not captured under the Treasury Single Account, Adeosun replied, “They are. Every agency of government is in the TSA.

“You know that FAAC is unique. FAAC is a meeting where all the revenue generating agencies make returns on net of their expenses. It is the area of where we have dispute.

“The dispute is not on the gross revenue but on what has been deducted from that gross revenue, giving us the net, which is being brought into the FAAC. But I think this is a healthy process. We must be satisfied with figures before we sign off on them.

“We must as stakeholders make sure all our agencies are aligned with all the programmes of government in terms of getting this economy really moving.”

 

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