Again, FAAC Meeting Ends Fruitless Over Unremitted Revenue

June 28, 2018

By Dipo Olowookere

The monthly Federal Accounts and Allocation Committee (FAAC) meeting has again ended inconclusive with participants disagreeing with figures submitted by the Nigerian National Petroleum Corporation (NNPC).

Director of Information at the Ministry of Finance, Mr Hassan Dodo, who briefed newsmen after the deadlocked meeting on Wednesday, said a new date has now been fixed for the meeting.

Commissioners for Finance of the 36 states of the federation present at the gathering held in Abuja said they were not happy with the low figures presented by the state-owned oil agency. In protest, they allegedly walked out of the meeting.

A similar situation had occurred in March this year over the alleged under remittance of revenue into the federation account by the NNPC.

“Gentlemen [of the press], this briefing cannot hold because the FAAC meeting ended inconclusive and has been rescheduled for another date.

“We are sorry for the inconvenience this may cause you but be rest assured you will be re-invited for the briefing on a later date,” Mr Dodo said yesterday.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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