Categories: BusinessOn the Go

FAAC meeting ends in deadlock as oil price crash veils effect of new VAT

Author:
Oluseyi Awojulugbe

The monthly federation account allocation committee (FAAC) meeting ended inconclusively on Wednesday.

Hassan Dodo, the director of information at the ministry of finance, budget and national planning, addressed journalists briefly after the meeting ended in Abuja.

However, he did not give further details.

He said, “gentlemen of the press, there is no going to be usual briefing today because the meeting is inconclusive”.

NAN reports that the meeting was well attended by members and lasted for several hours.

Commissioners of finance from all states in the country convene in Abuja every month for the disbursement of revenue generated in the previous month.

The meeting is usually headed by Zainab Ahmed, the minister for finance, budget and national planning, with Ahmed Idris, the accountant general of the federation, in attendance.

It was gathered that the amount presented by the revenue-generating agencies for disbursement was lesser than expected.

Although the price of crude oil began to fall in February, it had been expected that the new 7.5% value-added tax which was implemented for February would slightly augment the loss.

It is not uncommon for the meeting to end in deadlocks as commissioners query figures presented by the Federal Inland Revenue Service (FIRS), the Nigerian National Petroleum Corporation (NNPC) and other revenue-generating agencies.

Recent Posts

  • Borno
  • Inside Nigeria
  • On the Go
  • Top Stories

Boko Haram attacks military barracks in Borno

The 333 Artillery Barracks in Maiduguri, Borno state, is currently under Boko Haram attack. Military sources told TheCable that the…

July 14, 2020 12:38 AM
  • On the Go
  • Top Stories

Nigeria’s COVID-19 death toll drops again — lowest in two weeks

For the first time in two weeks, Nigeria's COVID-19 death toll dropped below five in the daily count. While four…

July 14, 2020 12:29 AM
  • Business
  • On the Go
  • Top Stories

‘We could infect 2,000 people per day’ — Amaechi says rail services wouldn’t reopen now

Rotimi Amaechi, minister for transportation, says reopening rail services in Nigeria could mean an additional 2,000 novel coronavirus infections per…

July 13, 2020 11:24 PM
  • Business
  • On the Go

COVID-19: We won’t rush to resume international flights, says FG

Hadi Sirika, the minister of aviation, says the federal government will not rush to announce the resumption of international flights.…

July 13, 2020 11:21 PM
  • On the Go
  • Top Stories

NCDC: COVID-19 may be transmitted through air

The Nigeria Centre for Disease Control (NCDC) says there is evidence showing the possibility of airborne transmission of the coronavirus.…

July 13, 2020 10:43 PM
  • Viewpoint

President Buhari’s meltdown

This might be the defining moment for the Buhari administration. It is not on account of the Coronavirus pandemic even…

July 13, 2020 9:38 PM