11 July 2018

Nigeria: Again, FAAC Meeting Inconclusive, Shifted to Thursday

Abuja — The Federation Account Allocation Committee (FAAC) meeting on Tuesday ended inconclusively, the second time in three weeks.

The monthly meeting where stakeholders had gathered in Abuja on June 27, 2018 to share the allocation for the month of May ended in a stalemate.

The deadlock was occasioned by the rejection of the remittance into the Federation Account by the Nigerian National Petroleum Corporation (NNPC).

The state oil corporation was said to have remitted N127 billion instead of N147 billion, and the states in particular were insisting that it remits the N20 billion shortfall before sharing of the May allocations could commence.

Following the deadlock, the Minister of Finance, Mrs. Kemi Adeosun met with President Muhammadu Buhsri; Vice President, Prof. Yemi Osinbajo as well as the governors to explain the reason for the deadlock.

Exactly on June 30, 2018, the Chairman of the Commissioners for Finance Forum, Mallam Mahmoud Yinusa addressed journalists where he disclosed that the position of the 36 states of the federation was that sharing of the May allocation would not hold until the remittance of the N20 billion shortfall.

However, the meeting was reconvened yesterday, apparently to share the May and June allocations.

But while journalists were waiting at the Foyer of the Ministry of Finance for the plenary of the FAAC meeting holding in the main auditorium to end, some of those at meeting starting making their way out, wearing long faces. Efforts by journalists to enter the auditorium that usually follow after FAAC plenaries were resisted by finance ministry officials.

At about 7.38pm, the chairman of the Commissioners for Finance Forum, Mahmoud Yunusa alongside others came out of the auditorium, and was accosted by journalists to explain what transpired at plenary.

However, he was not forthcoming, prompting the reporters and canerame to block him from accessing the escalator. Enraged, Yunusa barked at the journalist to give way, and quickly hopped into the lift.

But a source told THISDAY that the meeting could not hold for lack of quorum, and was therefore moved to Thursday.

FAAC meetings had ended in a stalemate four times this year alone.

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