Featured Finance Oil

FAAC meeting ends in deadlock

By Meletus EZE

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.

Chairman, Forum of Finance Commissioners of FAAC, Mr Mahmoud Yunusa, 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.

TBI Africa 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.

Related posts

Our rejection of Atiku’s endorsement by Ohaneze is apolitical – Anambra

Editor

`Stop panicking over fuel scarcity, IPMAN, NUPENG assures Nigerians

By Abisola THOMPSON

Repairing refineries panacea for good 2021 economic prospects, says ex-CBN Director

Abisola THOMPSON 

JV oil assets gulped N173.38bn in two months – NNPC

Our Reporter

90% of technologies powering Nigerian economy imported, says NOTAP

Our Reporter

Oil slips below $80 on rising U.S. stockpiles

Editor