Nigeria: Emergency FAAC Meeting Ends Without Resolving Crisis – Africa Investment News
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Nigeria: Emergency FAAC Meeting Ends Without Resolving Crisis

The emergency Federation Accounts Allocation Committee (FAAC) convened by the Minister of Finance, Kemi Adeosun, ended on Wednesday without resolving the crisis that derailed last Tuesday’s schedule.

Tuesday’s meeting ended in a stalemate following disagreements by representatives of the 36 States and the Federal Capital Territory over the amount presented by the Nigerian National Petroleum Corporation (NNPC) as revenue to be shared by the three tiers of government for February.

The Chairman, Forum of FAAC Commissioners, Mahmoud Yunusa, told reporters in Abuja the meeting, which did not last more than an hour, resolved to share what was available pending a formal reconciliation meeting to be convened with the Group Managing Director of the NNPC, Maikanti Baru.

The NNPC had presented about N74.06 billion as revenue from its operations for February.

But, members observed there were certain components of the revenue submission that required more explanation and clarification.

They decided to postpone further decisions on sharing the money until they were reconciled.

However, Mrs . Adeosun had stepped in and summoned an emergency meeting of the committee for Wednesday in an effort to resolve the differences.

More to come…

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