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FAAC meeting ends in deadlock

FAAC meeting ends in deadlock
June 27
20:19 2018
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The monthly federation account allocation committee (FAAC) meeting in Abuja has ended in a deadlock.

The FAAC monthly meeting is where allocation is made to the three tiers of government.

Chaired by Kemi Adeosun, other members of the committee are the accountant-general of the federation, Ahmed Idris, commissioners for finance from the 36 states; representatives of revenue- generating agencies such as the Federal Inland Revenue Service, the Nigeria Customs Service and the NNPC.

Participants left the meeting  on Wednesday wearing long faces.

Mahmoud Yunusa, chairman, forum of finance commissioners, declined to speak on what transpired at the meeting, saying commissioners were going back to confer with the state governors.

However, Hassan Dodo, director of press in the ministry of finance, said the meeting would reconvene before the end of the week.

For some months now, FAAC participants have been experiencing difficulties in agreeing with figures because of revenue remittance discrepancies.

This is largely attributed to the Nigerian National Petroleum Corporation (NNPC) not remitting all revenue accrued within the month.

The corporation has been accused of dishonouring its statutory obligations to the federation account over time.

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