Business News Nigeria

Rescheduled FAAC meeting deadlocked over alleged distorted figures from NNPC

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Minister of Finance, Mrs. Kemi Adeosun

The rescheduled meeting of the Federation Accounts Allocation Committee (FAAC) on Tuesday again ended in another stalemate.

An official told reporters the meeting has been rescheduled for Thursday to attempt to broker a resolution, even as civil servants across the country are going into the second week without June salaries.

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This is the second time the meeting would end in confusion since June 27 when the initial schedule for the month ended without members agreeing to share the revenue brought for distribution by the Nigerian National Petroleum Corporation (NNPC).

Members of the committee, consisting of Commissioners for Finance and Accountants General from the 36 states of the federation and Abuja, had accused the NNPC of not remitting enough revenue for sharing.

No communique was read at the end of the meeting as members hurried out from the finance ministry auditorium venue of the meeting.

The chairman of the Commissioners of Finance Forum of FAAC, Mahmoud Yunusa, simply told reporters that members were breaking for consultation with their principals, the state governors.

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The following day, the NNPC spokesperson, Ndu Ughamadu, in a statement said the N147 billion revenue remitted to FAAC for sharing to the three tiers of government in June was “in line with the terms of agreement it had with governors on the matter.”

Ughamadu said the agreement NNPC had with the governors was for the corporation to make a monthly remittance of N112 billion only to FAAC.

He clarified that the remittance was subject to sufficient funds from its sale of domestic crude oil allocation for the corresponding month after meeting certain operational obligations.

These included payment for cash call on Joint Venture (JVs), deductions for cost under recovery for Premium Motor Spirit (PMS) and pipeline maintenance.

The NNPC spokesperson said the NNPC was able to surpass the terms of agreement with the governors on the monthly remittance for June by about N35 billion.

Since then, reports were that the committee have been holding accounts reconciliation meeting with the top management of the NNPC, finance ministry officials, Accountant General of the Federation and representatives of the commissioners of finance forum.

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However, after hours of the rescheduled meeting at the auditorium of the finance miinistry, members came out without any pronouncement of a resolution.

At about 7.30 p.m., on Tuesday, the Accountant General of the Federation, Ahmed Idris, led other officials from his office and the finance ministry out of the venue of the meeting without a word to journalists on the outcome of the meeting.

Mr Idris kept a straight face as he led his team in the direction of the office of the Minister of Finance, Kemi Adeosun, on the 7th floor of the building apparently to brief her on the outcome of the meeting.

Not long after, NNPC representatives at the meeting also left the venue of the meeting and headed towards their cars.

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