FAAC meeting ends in deadlock over NNPC’s alleged revenue remittance discrepancies

The monthly Federation Account Allocation Committee (FAAC) meeting ended in a deadlock on Wednesday in Abuja.
The FAAC monthly meeting, a forum where money is shared among federal, states and local governments, ended with participants wearing long faces.
It was learned that the meeting was stalemated because the Nigerian National Petroleum Corporation (NNPC) could not submit “undoctored accounts to the meeting”.
Said a source: “Most of us at the meeting, especially Finance Commissioners, are accountants. So, we know when documents are doctored. Let the right thing be done. Enough of this financial injustice”.
Mr Mahmoud Yunusa, Chairman, Forum of Finance Commissioners of FAAC, who declined to be interviewed, said in passing that they were going back to confer with governors.
However, Mr Hassan Dodo, Director Press, Ministry of Finance, said the meeting would reconvene before the end of the week.
For some months now, FAAC participants have been experiencing difficulties in agreeing with figures because of revenue remittance discrepancies.
This is largely attributed to 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.