FAAC Stalemate: NEC fails to discuss revenue sharing controversy

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Yemi Osinbajo NEC fails to discuss FAAC

The National Economic Council (NEC) headed by Vice President Yemi Osinbajo and having Governors of the 36 states as members in its meeting on Thursday failed to discuss lingering controversy over the Federation Accounts Allocation Committee (FAAC)  meeting.

FAAC is the meeting presided over by Finance Minister and having state commissioners of finance with other heads of Federal government revenue generating agencies as members.

The meeting ended in deadlock over alleged under remittance of revenue by Nigeria National Petroleum Company (NNPC).

Also read FAAC STALEMENT: CIVIL SERVANTS’ SALARY UNDER THREAT

Series of meetings to resolve the impasse failed to address the crisis. Many states are yet to pay workers’ salaries for June due to the crisis.

The NEC, which is headed by Vice President Yemi Osinbajo, met on Thursday at the council chamber of the State House, Presidential Villa, Abuja.

Briefing reporters after the meeting, Governor Mohammad Abubakar of Bauchi State said “the issue of the FAAC was not on the agenda.”

He, however, said a committee comprising of governors from the six geo-political zones of the country are currently “negotiating a way out of the debacle.”

It was gathered that the FAAC revenue controversy was the main agenda of a meeting of the Nigeria Governors Forum (NGF), which held Wednesday night ahead of Thursday’s NEC meeting.

It was also observed that the Group Managing Director of NNPC, Maikanti Baru; the governor of Central Bank of Nigeria, Godwin Emefiele; and the Minister of Finance, Kemi Adeosun, all made presentations to the NEC.

1 COMMENT

  1. […] “Owing to disagreement on remittances by the Revenue Generating Agencies, especially the NNPC, the sharing of revenues for May 2018 that was meant to be distributed in June 2018 was put on hold. “However, the urgent need to cushion the undue hardships being experienced by workers nationwide has made it necessary to distribute the May figures, totalling N668.898 billion to the three tiers of government. Read FAAC Stalemate: NEC fails to discuss revenue sharing controversy […]

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