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FAAC Adjourns Indefinitely

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Until the figures are agreed and all the issues responsible for the deadlock of the Federation Account Allocation Committee (FAAC) meeting for the third time in a month and sixth in seven months of this year are addressed, the meeting won’t be held.
The chairman of Finance Commissioners’ Forum and Adamawa State Commissioner of Finance, Mahmood Yunusa made the remarks yesterday while fielding questions from journalists after the meeting was cancelled at the headquarters of the Federal Ministry of Finance, Abuja.
There has been a raging battle of discrepancies in revenue remittances to the federation account between FAAC members and the Nigeria National Petroleum Corporation (NNPC). FAAC accused NNPC of not remitting up to what is expected of it based on estimated revenue for the month of May.
Mr Yunusa said the meeting was cancelled again because “we want to strengthen the system to avoid a repeat of this issue in the future. It is not about how much the NNPC has remitted now, it is about putting the necessary things in order to make sure we do not experience this.”
He claimed that President Muhammadu Buhari is very much interested on this issue and it is on his table now very soon all that need to be done would be done so that every money coming to the federation account will be channeled to the appropriate authority.
He said: “Every money has to go to the federal government account. The moment the system is strengthened, definitely there will be no any problem. There will be no more saying bring more money, the money is shortened or this and that.”



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