March 2018 FAAC meeting aborted - aksu360

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March 2018 FAAC meeting aborted

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The monthly Federal Account Allocation Committee (FAAC) meeting for March 2018 has been aborted, declared inconclusive and shifter till further notice. This, according to the Accountant-General of the Federation is due to what has been termed as 'discrepancies' of about N37.76 billion in revenue presented by the NNPC. 
Obviously, you are all aware that anything that has to do with federation revenue is statutory and, therefore, constitutional and we must always verify our figures to the last kobo. Failing to do so will amount to committing illegality and unconstitutionality. It is on this note that we observe some issues in the figures given by one of the major revenue generating agencies namely the NNPC. 
The committee is of the opinion that until and unless these figures are reconciled, corrected, verified and factual; we cannot distribute the revenue as the case is. Let me again be quick to inform Nigerians that we are sensitive with the issue and to the fact that state governments may find it difficult without this money. But we have to follow the constitution and the laws for distribution of revenue.

Earlier, the Chairman - Forum of FAAC Commissioner (Mr Mahmoud Yunusa), said the forum rejected the amount presented by the NNPC because it was far lower than what was projected for the month. He argued that if the NNPC could not surpass what they presented in February, then they should not present anything less than what they presented the previous months. 

We started this meeting last week and NNPC did not submit their figures until Monday (26/03/2018), which we were not able to review until this morning. This morning when we were reviewing the figures as presented by the NNPC, it came as a great surprise to see that the amount was less than N100 billion. So we (states) decided that we will not collect the amount presented. 
We are contesting the figures because pipeline vandalism has reduced, while crude oil prices have continued to go up. On this note, we are wondering why the nation cannot raise enough money through that sector to share to states so that everyone can pay workers, contractors and so on. We are well aware that this development may affect the payment of salaries in states, but we cannot hurriedly accept this money and then later cry foul play.

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