FAAC meeting fails to hold again over inaccurate revenue figures by NNPC

Just like last month, the Federation Account Allocation Committee (FAAC) on Wednesday failed to meet as scheduled to consider and approve statutory allocation for the month of March.

The reason was same as that of the last month; the inability of the Nigerian National Petroleum Corporation (NNPC) to remit an accurate figure of revenue expected from it.

Earlier on Tuesday, the committee had held its technical session, where agencies such as the Nigeria Customs Service (NCS), NNPC made submissions of revenue they generated and paid same into the Federation Account.

That done, FAAC had slated Wednesday for the session the generated revenue would be approved and shared, at the headquarters of the Ministry of Finance.

By Wednesday all the commissioners for finance from the 36 states arrived at the venue as scheduled but were disappointed to discover that the meeting was no longer going to hold.

The FACC meeting usually presided over by the Minister of Finance, Mrs. Kemi Adeosun, also has the Accountant-General of the Federation, Alhaji Ahmed Idris, commissioners for finance from the 36 states, and representatives of revenue -generating agencies as members.

Explaining what happened, the chairman, Forum of Finance Commissioners of FAAC, Mahmoud Yunusa, told newsmen, “We have some challenges; the figure we have got is far less than what was expected to be remitted by the NNPC.

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“As it is now, there is a meeting between the governors and the top management of the NNPC at the Villa. I believe this is a very high level deliberation and something good will come out of it.”

Noting that it had become imperative for NNPC to become more transparent on how it was running its operations, Yunusa added, “There are processes. Before now, you don’t hear such news (underpayment of revenue); whatever issue you get, you deliberate on it. But because this government is a government of change, some level of transparency is expected.

“When you pick your figures and you submit your figures, the person that is supposed to look at them and deliberate on them will ask questions if need be.”

 

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