The Federal Accounts Allocation Committee (FAAC) has again failed to reach an agreement on the sharing of revenue between the organs of government.

On Wednesday, the committee could not meet due to a lack of quorum, leading to the postponement of the meeting to Thursday.

The subject of contention is the perceived shortfall in remittance from the Nigerian National Petroleum Corporation (NNPC). The corporation is said to have stalled the sharing of revenue for May and June.

However, in a statement released by its Group General Manager, Public Affairs, Ndu Oghamadu, in June, NNPC said it paid N35billion more than the N112 billion monthly remittance it had agreed with the governors.

The statement had said the monthly remittance will be paid subject to sufficient funds from sales of domestic crude oil allocation for the corresponding month after meeting cash call obligations on joint venture operations, as well as deductions of petrol-cost under recovery and pipeline maintenance.

Oghamadu said the governors were requesting for N40 billion more.

Mahmoud Yunusa, Chairman of the Commissioners for Finance Forum, had said on June 30 that the 36 governors will not agree to share the May allocation until the shortfall was breached.

Kemi Adeosun, Minister of Finance, had met with members of the Nigerian Governors Forum and informed them of President Muhammadu Buhari's intention to intervene in the standoff. She had said FAAC might be reconvened the next day, but the meeting only held yesterday.

Journalists were said to have waited at the foyer of the Ministry of Finance, while the plenary held at its auditorium. They were barred from entering the auditorium as is customary after FAAC meetings. When officials came out of the hall, they declined to speak with pressmen.

You may also like

Read Next

For comments view this content on the regular site.