Business

FAAC cancels meeting over poor revenue returns by NNPC

Published

8 years ago

April 26, 2018

The Federation Account Allocation Committee meeting, which was scheduled to hold yesterday to consider as well as approve statutory allocation for the month of March, was postponed due to revenue discrepancies by the NNPC.

Earlier in the week, revenue- generating agencies such as the Nigeria Customs Service, Federal Inland Revenue Service, and the Nigerian National Petroleum Corporation made submissions on revenue generated and paid into the Federation Account.

After the submissions by the revenue-generating agencies, the plenary where the revenue would be approved and shared, was scheduled for yesterday at the headquarters of the Ministry of finance.

Chairman, Finance Commissioners Forum of FAAC, Yunusa Mahmoud, told reporters that the meeting of the committee scheduled to share the revenue for March had been canceled.

He revealed that the cancellation of the meeting followed some “challenges” linked to poor revenue returns remitted by the NNPC.

Recall that last month, the meeting ended in a stalemate, as the committee opted not to share the amount remitted to the purse by the NNPC.

The committee refused to approve the statutory allocations for the month following alleged discrepancies discovered in revenue figures presented by the NNPC.

Minister of Finance, Kemi Adeosun, however, waded in and convened an emergency reconciliation meeting the following day in a bid to resolve the confusion.

The meeting, however, ended with a plea for the committee to agree to share the N647.39 billion that was available after an engagement with the state governors, to allow for the reconciliation of the over N100billion difference.

The Federation Allocation Accounts Committee has representatives from the 36 states including the FCT and it is chaired by the Minister of Finance. It meets monthly to share revenue accrued to the Federation Account to the three tiers if government.