FAAC Meeting deadlocked over Disagreement
June salaries of federal and states civil servants across the country may not be paid on time as the Federation Account Allocation Committee (FAAC’s) technical session held in Abuja was abruptly adjourned on account of Nigerian National Petroleum Corporation (NNPC) failing to make accurate returns to federation account.
Wednesday’s adjournment the third since March this year, followed another incident in April and now June. Journalists duly invited for the monthly FAAC press briefing who were waiting for the outcome of the meeting were informed that the briefing had been rescheduled for a later date.
Neither the Chairman, Commissioners of Finance Forum, Mahmoud Yinusa nor any other FAAC member could brief the media on what played out.
Meanwhile, a top government source said the recurring revenue disagreement between the States and the NNPC has been presented to the Presidency for resolution once and for all.
Those who attended the FAAC meeting could be heard discussing in low tones, and urging the NNPC should carry the States along in its dealing rather than operating in insolation.
In the March adjournment, the bone of contention was a N100 billion shortfall that was detected from NNPC’s declared revenue.
It took the intervention of Minister of finance, Mrs. Kemi Adeosun to reach out to the 36 states Governors to direct their respective Commissioner of Finance to accept February revenue shared in March.
Just last week, President Muhammadu Buhari signed a record N9.12 trillion budget for 2018 into law, aimed at fostering economic growth before elections next February.
Growth rates in Nigeria have bounced back since the third quarter of 2016, when a recession, its first in 25 years, hit bottom although observers see the trajectory as being rather weak.
However, Nigeria’s growth slowed in the first quarter of 2018 for the first time since pulling out of recession as its non-oil sector struggled. The Sun