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FAAC: PMB Orders Review Of Revenue Template

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The Federal Government has commenced a review of the reporting template of the Nigerian National Petroleum Corporation.

The Minister of Finance, Mrs Kemi Adeosun said President Muhammadu Buhari gave the directive.

She said this while briefing journalists shortly after the Federation Account Allocation Committee meeting held yesterday.

She said, “Last week, on Friday, he (Buhari) held a meeting between myself, the chief of staff, the minister of state for petroleum and the NNPC team. Mr President gave certain directives. The one which relates to FAAC was the need to revise the template.

“It was accepted that the reporting template between NNPC and the federation account was not fit for purpose and not providing the right level of assurance around the figures.

“And so, Mr President has directed that a new template be generated jointly between the ministry of finance, the office of the Accountant-General, the NNPC and the RMAFC.

She added, “Mr President has directed that prior to FAAC, there must be a pre-meeting between the ministry of finance and the NNPC to go through the figures that are being presented and to agree on those figures before they are brought to FAAC.”

She added, “We believe that this reform is very fundamental and will improve the reporting of FAAC. The template we are currently using has really not been revised in a very long time.

“Many of the questions or conflicts are because the information has not necessarily been presented in a transparent and user friendly manner.

“We believe that this intervention by Mr President is very far reaching and the commissioners were very grateful for that intervention and we are now working together to improve federation account reporting.”

She said by next month, the direction of the template would be made known to the FAAC members for adoption.

She said, “The new template is being worked on and from next month, we should have some agreement as to what that template would look like and we will then circulate it to stakeholders and then we will begin to use it.

“We don’t have a timeline because there is a lot of work to be done. We have started and we recognise that it’s really a fundamental exercise that needs to be done.

“I would rather not give you a date but to give you an assurance that the new template would be user friendly, a lot more granular, a lot more specific and therefore, a lot more accurate in terms of controlling the contribution to the federation account.”

Meanwhile, the FAAC Committee allocated the sum of N821.6bn to the three tiers of government as revenue for the month of June.

When asked what accounted for the huge rise in revenue generation, Adeosun said, it was largely FIRS non-oil, which moved to N232.72 from N104. 65bn.

She said the committee also transferred the sum of N100bn into the Excess Crude Account, bringing the balance in the account to $2.247bn.



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