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FAAC Postpones Meeting Over Under Remittance By NNPC

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For the third time in six months, the Federation Account Allocation Committee (FAAC) has had its meeting ended in stalemate over alleged differentials in figures remitted to the federation account by the Nigerian National Petroleum Corporation (NNPC). FAAC members, comprising of commissioners of finance of the 36 states of the federation, the Federal Capital Territory, Abuja and representatives of the various agencies of government who convened on the federal ministry of finance were dismissed yesterday after the two-day meeting due to what sources described as “impunity” on the part of the nation’s oil company.

When our reporter nosed around the abrupt indefinite shift of the meeting yesterday, it was learnt that members unanimously voted to reject the amount that was remitted by NNPC as revenue for the month of May. “The meeting was postponed to next week because the money NNPC submitted was too small compared to what they were expected to bring into the federation account for the month,” a source who does not want his name mentioned said.

The source further said that a message was sent to NNPC to come and explain reason for the shortage or bring the balance before they will agree to share the month’s revenue. No official explanation was given for the shifting of the meeting.The minister of Finance, Mrs Kemi Adeosun was not at the meeting. Chairman of the Nigerian Commissioners Forum, Mr Mahmood Yunusa was quoted as saying that the commissioners were going back to report to their various governors. It was also gathered that the governors are planning to hold meeting with the NNPC leadership over the issue.

When a similar issue happened in April, the fury was that what NNPC remitted as revenue collected in February for sharing in March was far below what it remitted in February when price of oil was even high and no cases of pipeline vandalism within the period. The sum of N74,067,185,437.92 was remitted by the corporation in March which was also repeated in May.




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