Business Hilights
Tracking Nigeria's Headline Business News Online

Governors’ anger may ruin today’s FAAC meeting over NNPC remittances

Fresh details emerged on Wednesday evening indicating that many of the states’ governors and their Commissioners’ of Finance attending today’s (Thursday) Federation Accounts Allocation Committee (FAAC) meeting, may be worried if the Nigerian National Petroleum Corporation (NNPC) fails to have done the needful which is remitting every kobo to the federation Account for sharing today.

Business Hilights had two weeks ago reported that the last meeting was postponed as a result of discrepancies in revenue presented by the Corporation.

Chairman, Forum of Finance Commissioners of FAAC, Mr. Mahmoud Yunusa, confirmed this to our correspondent on Wednesday, saying all we need to hear on Thursday is that the reconciliation of the revenue had been done and the money is ready for sharing as usual.

The key agenda of today’s meeting is very simple; to consider and approve revenue for the month of October and immediate disbursement.

However, there are earlier signals that the technical committee of FAAC had been meeting with officials of the NNPC to ensure that the figures were reconciled to enable the three tiers of government approve the account before allocation of revenue could be made.

It would be recalled that FAAC is chaired by the Minister of Finance, Mrs. Kemi Adeosun, with the Accountant General of the Federation, Alhaji Ahmed Idris; commissioners for finance of the 36 states; and representatives of revenue-generating agencies such as the Federal Inland Revenue Service, Nigeria Customs Service and the NNPC, among others as members.