Finance

FG, States disagree on allocation sharing

Published

8 years ago

June 28, 2018

The monthly Federation Account Allocation Committee (FAAC) meeting ended in a deadlock on Wednesday in Abuja.

The FAAC monthly meeting is the forum where money is shared among the federal, states and local governments ended with participants wearing long faces.

Mr Mahmoud Yunusa, Chairman, Forum of Finance Commissioners of FAAC, who declined to be interviewed, said in passing that they were going back to confer with the state governors.

However, Mr Hassan Dodo, Director Press, Ministry of Finance, said the meeting would reconvene before the end of the week.

NAN reports that for some months now FAAC participants have been experiencing difficulties in agreeing with figures because of revenue remittance discrepancies.

This is mostly attributed to the Nigerian National Petroleum Corporation (NNPC) not remitting all revenue accrued within the month.

The corporation has been accused of dishonouring its statutory obligations to the federation account over time. (NAN)

Related Topics:Kemi Adeosun

Up Next

RenCap Announces New Appointments to West Africa Team

Don't Miss

SystemSpecs’ Remita, Ahead of the Curve in Nigeria’s Digital Payment Industry

grassroots

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.