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FG Puts FAAC Allocation On Hold

... Finance Minister Calls Emergency Meeting with NNPC GMD over payment into Federation Account 

 

The Federal government allocation for the month of March which aught to be distributed across 36 states of the federation and the FCT has been put on hold. Briefing newsmen at the end of the Federal Account Allocation Committee (FAAC) meeting today in Abuja; the Accountant  General of the Federation Mr Idris Ahmed explained that the figures given by the Nigerian National Petroleum Corporation (NNPC) needs to be verified and reconciled before further disbursement.

 

Our correspondent Raliat Adenekan reports that he said the figure did  not tally with what they expected. Therefore, they will sit with NNPC and agree on a correct figure before  they can distribute the allocation. He called on the civil servant across  the federation to be patient and understanding on the situation noting that  the fact that they are planning to spend their money during  Easter festival. He assured that the situation would be resolved soon. According to him, as soon as the correct figure is received by the NNPC management the allocation will be disbursed. 

 

The Honourable Minister of Finance and Chairman of the Federation Account Allocation Committee (FAAC), Mrs. Kemi Adeosun, has reconvened the meeting of the Committee for Wednesday, 28th March, 2018 at 9:00am. The meeting, which will hold at the Auditorium of the Federal Ministry of Finance, will have in attendance the Accountant General of the Federation, Mr. Ahmed Idris; Commissioners of Finance and Accountant-Generals of the 36 States and representatives of the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service, Nigeria Customs Service, Department of Petroleum Resources, among others.

 

The Minister has also called for an emergency meeting next week with the Group Managing Director of NNPC, Mr. Maikanti Baru, and key management over revenue payment into the Federation Account. It will be recalled that the FAAC meeting was inconclusive on Tuesday, necessitating the intervention of the Honourable Minister.

Photo Credit: 
thenewsnigeria.com.ng

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