Finance

No money for 36 states as FAAC meeting ends in deadlock {Those who want to drown in oil should take note}

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NNPC, Nigeria’s cash cow refused to release oil money for sharing

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.

NNPC, Nigeria’s cash cow refused to release oil money for sharing

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.

For some months now FAAC participants have been experiencing difficulties in agreeing with figures because of revenue remittance discrepancies.

This is largely 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.

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