FAAC meeting ends in deadlock Over Monthly Allocations


World Teachers Day Celebration Online Quiz for Nigerian Teachers (Win FREE N500 Airtime) – Click Here to Participate for FREE!

The monthly Federation Account Allocation Committee (FAAC) meeting ended in a deadlock on Wednesday in Abuja.

The FAAC monthly meeting which is the forum where money is shared among the federal, states and local governments ended with participants wearing long faces.

Chairman, Forum of Finance Commissioners of FAAC Mr Mahmoud Yunusa,, who declined to be interviewed, said in passing that they were going back to confer with the state governors.

However the Director Press, Ministry of Finance , Mr Hassan Dodo, said the meeting would reconvene before the end of the week.

Read Also  Killing Small Businesses Softly - Simeon Kolawole (A Must Read)

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

Download e-books for education and research for FREE - Click Here

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.

Get the latest BREAKING NEWS inside your e-mail address inbox; fill the form below and click the subscribe button
English Premier League – Fixtures, Results and Table - Click Here Nigeria Premier Football League – Fixtures, Results and Table - Click Here
Read Also  What business would you start with N100,000? GTB Asks (Nigerians Reacts - Read Comments)

Follow Us on FACEBOOK, TWITTER

Do You Know Nigeria? Attempt 10 simple questions on Nigeria for FREE and Win FREE N500 Airtime – Click Here to Participate!

For your news articles, press release, Breaking News, send e-mail to [email protected]

Click Here to Join Newsnow Nigeria WhatsApp Group for Breaking News Alerts

Read Also  MTN, Airtel among 16 firms bidding to acquire 9mobile

Read Related News....