FAAC meeting ends in Deadlock
The monthly Federation Account Allocation Committee (FAAC) meeting on Wednesday ended in deadlock. The Director of Information, Ministry of Finance, Budget and National Planning, Mr. Hassan Dodo, announced this after the meeting in Abuja.
He said “gentlemen of the press, there is no going to be usual briefing today because the meeting is inconclusive”
The director did not give any reason for not concluding the FAAC monthly meeting.
Economic Confidential reports that the FAAC meeting which was well attended by members lasted for several hours. Financial experts had predicted a low revenue for February and March owing to the outbreak of coronavirus which had affected oil prices across the globe.
The international benchmark Brent crude traded at 26.01 dollars on Wednesday and fell to its lowest level since September 26, 2003.