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Delayed FAAC Disbursement: Reps raise alarm over excessive bank charges

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By Emmanuel Ovuakpore
…point accusing finger at House leadership
…say over 200k is deducted from each member’s monthly dues
…insist bank rips lawmakers of at least N72m monthly
Some members of the House of Representatives on Tuesday have alleged that an old generation bank is charging each member of the House roughly N200,000 monthly due to Federal Account Allocation Committee, FAAC’s delay in disbursing funds to first line charge government bodies.
NCC3
TNG investigations revealed that on a monthly basis FAAC does not disburse allocations until the 9th and 12th of every other month.
This development made the House leadership to strike a deal with an old generation bank to pay all Reps either in the 25th or 28th of every month until ,FAAC releases their money by either 10th or 12th of the ensuing month.
It was also agreed that within the stipulated period of delay interest should be charged on individual salary account of the lawnakers.
But this is not going down well with the lawmakers who claimed it was a rip-off as the interest charged on the said accounts are outrageous.
One of such lawmakers who hails from the South South geo-political zone but chose to speak under the condition of anonymity said:
“It’s horrendous that in ten days we are made to cough out as much as N200k because our leaders failed to reason beyond their nose.
“Before now another old generation bank (name withheld) had handled our salaries in the eighth Assembly and the bank use to give us ten days of grace but this one they start counting days immediately.
“Some of us are of the opinion that the leadership must have struck a deal because if you calculate it by 360 members what they deduct  is almost N72m monthly.
Another lawmaker who spoke in the same vein declared that “we know a deal must have been struck with our leaders but the question is why was the salary account moved from SunTrust a new generation bank that gave us days off grace to an old generation bank that is charging us so much.
“This question and so many others are giving us a lot to think about because we are smelling a rat in all these transactions.

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