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Monday, November 27, 2017

Failed Nov 2017 FAAC meeting ...FAAC & NNPC meet to reconcile Underpayments

Nigeria's Minister of Finance, Kemi Adeosun
The Nigerian National Petroleum Corporation, NNPC, management is scheduled to meet with the Federation Accounts Allocation Committee (FAAC) today Monday in an attempt to reconcile financial records.

Discrepancies in revenue figures presented to the committee by the NNPC on remittances to the Federation Account had triggered a dispute, leading to the unexpected cancellation of the regular FAAC meeting for November on Thursday (23/11/2017). The monthly meeting usually held to consider and approve revenue allocation to the 3 tiers of government was abruptly adjourned indefinitely when members found that the details of revenues actually remitted to the Federation Account for sharing did not add up to what was earlier presented to the FAAC Secretariat.

Following the discovery of the discrepancies in the records, the Chairman, Forum of Finance Commissioners of FFC, Mahmoud Yunusa, said the meeting had to postponed till further notice following directives from their respective state governors. The FFC Chairman, who is also the Adamawa State Finance commissioner, said the FAAC would only reconvene after all the discrepancies have been reconciled and the revenue figures in the accounts sorted.

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