FG to Reconvene FAAC Meeting on Thursday

Kemi adeosunThe Minister of Finance, Kemi Adeosun and the U.S. Ambassador to Nigeria, Stuart Symington.
  • FG to Reconvene FAAC Meeting on Thursday

The Federation Accounts Allocation Committee meeting, which was postponed two weeks ago as a result of discrepancies in revenue presented by the Nigerian National Petroleum Corporation, will now hold on Thursday.

The Chairman, Forum of Finance Commissioners of FAAC, Mr. Mahmoud Yunusa, confirmed this to our correspondent on Tuesday.

Yunusa, who is also the Adamawa State Commissioner for Finance, said in a text message that the meeting would hold on Thursday.

He, however, did not confirm whether or not the reconciliation of the revenue had been done when asked to do so.

“FAAC will hold on Thursday this week, see you at the venue Allah willing. Thank you very much,” he stated in the SMS.

A top official in the Federal Ministry of Finance also confided in our correspondent that the meeting, which is to consider and approve revenue for the month of October, would now be held at the headquarters of the ministry in Abuja.

The official explained 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.

The 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.

The source, who pleaded not to be named as he was not officially permitted to speak on the matter said, “You will recall that the FAAC meeting could not hold two weeks ago because of discrepancies in revenue presented by the NNPC.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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