Key point leading to the final resolution of the two weeks confusion and disagreement between the Federation Account Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC), on revenue discrepancies, has been revealed.
Henceforth, apart from both parties, states are now allowed to be fully involved in tracking and collating remittance figures the NNPC would be presenting to the committee
The Chairman of Commissioners Forum, Mr. Mahmoud Yunusa, said based on the last experience and disagreement with the NNPC, the states would now appoint a consultant to track the revenue generated by the corporation till it enters the federation account so that they will be on the know of what comes into the coffers.
Yunusa was quick to observe that due to the revenue disagreement with the NNPC, the Federation Account recorded more inflow than it would have ordinarily witnessed.
According to him, “We discovered discrepancies in the October 2017 figures of the FAAC papers submitted by the NNPC and demanded for the genuine figures. Going forward, we will engage a consultant to work with the NNPC to collate figures and report back to the states on the true figures.
“There were some slight errors and the gaps were bridged, but going forward, states will be fully involved to ensure that it does not repeat itself again. The NNPC was invited to the last National Economic Council to meet with the state governors, and going forward, the NNPC will be more careful.”
Business Hilights had on Thursday last week, reported that Governors and Commssioners attending the meeting may be angered again, if the NNPC failed to do the needful.
However, at the end of the meeting which failed to hold last two Thursdays, FAAC allocated the sum of N532.75bn to the three tiers of government. The amount is for statutory allocation for the month of October.
A breakdown of the allocation showed that the Federal Government received the sum of N218.6bn; the states got N147.39bn; while the 774 local government councils were allocated the sum of N110.58bn.