The Federation Account Allocation Committee (FAAC) has once again resolved to probe the circumstances surrounding the delay by the Nigerian National Petroleum Corporation (NNPC) to remit to government the $1.48 billion (N294.5 billion) uncovered by a recent forensic audit.

A lobby group within the Committee, Forum of Finance Commissioners announced this during the FAAC meeting convened for the distribution of allocations to the three tiers of government and other beneficiaries for the month of March.

The Forum observed that it had become necessary and urgent to constitute the ministerial committee to investigate the circumstances behind the delay considering the consistent drop in revenue allocations to the three tiers of government as a result of dwindling oil revenue from declining global oil prices.

Chairman of the Forum, Timothy Odaah, told reporters after the meeting that the committee was worried that the delay was causing harm to the revenue available for distribution among the tiers of government.

Mr. Odaah contended that in spite of the directive by President Goodluck Jonathan for the funds to be released to the Federation Account, the NNPC was yet to comply about a month to the end of the current administration.

According to him; “We (states) need the money to meet our obligations. “Majority of the states are yet to pay salaries of workers and contractors for projects executed. “We are making a clarion call for the release of the $1.48 billion from the forensic audit of the NNPC so that we can clear our debts.” Mr. Odaah said

He further noted that States expected that the money should have been paid by now since the next FAAC meeting in April would be the last for the present administration.

The chairman also revealed that, the committee has been mandated to meet with the NNPC management to resolve all issues delaying the remittance, particularly as both the President and the Petroleum Resources minister have already directed that payment be made.

“We need that money. The Federal Government needs it. The states and local governments also need it, and if it is not released with this type of abysmal funding we have seen, it will be very terrible,” he concluded.