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Published On: Thu, Jun 28th, 2018

FAAC meeting deadlocked over alleged discrepancies in revenue remittance

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The monthly meeting of the Federation Account Allocation Committee 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. However, the meeting ended with participants wearing long faces, the News Agency of Nigeria claims.
Chairman, Forum of Finance Commissioners of FAAC, Mr. Mahmoud Yunusa, who declined to be interviewed, said in passing that members would go back to confer with the state governors.
However, Director Press, Ministry of Finance, Mr. Hassan Dodo, 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 not remitting all revenue accruing within the month.
The corporation has been accused of dishonoring its statutory obligations to the Federation Account over time.(NAN)

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