Abuja —The monthly Federal Account Allocation Committee, FAAC, meeting, which began, yesterday, was inconclusive due to discrepancies of about N37.76 billion in revenue presented by the NNPC.
Accountant-General of the Federation, Mr Ahmed Idris, told newsmen in Abuja that the meeting was inconclusive because of irregularities in figures presented by the NNPC.
NNPC
He said: “Obviously, you are all aware that anything that has to do with federation revenue is statutory and, therefore, constitutional and we must always verify our figures to the last kobo.
“Failing to do so will amount to committing illegality and unconstitutionality. It is on this note that we observe some issues in the figures given by one of the major revenue generating agencies namely the NNPC.
“The committee is of the opinion that until and unless these figures are reconciled, corrected, verified and factual; we cannot distribute the revenue as the case is.
“Let me again be quick to inform Nigerians that we are sensitive with the issue and to the fact that state governments may find it difficult without this money.
“But we have to follow the constitution and the laws for distribution of revenue,” he said.
Also, Chairman, Forum of FAAC Commissioner, Mr Mahmoud Yunusa, said the forum rejected the amount presented by the NNPC because it was far lower than what was projected for the month.
He argued that if the NNPC could not surpass what they presented in February, then they should not present anything less than what they presented the previous months.
He said: “We started this meeting last week and NNPC did not submit their figures until yesterday (Monday), which we were not able to review until this morning.
“This morning when we were reviewing the figures as presented by the NNPC, it came as a great surprise to see that the amount was less than N100 billion.
“So we (states) decided that we will not collect the amount presented.”
“We are contesting the figures because pipeline vandalism has reduced, while crude oil prices have continued to go up.
“On this note, we are wondering why the nation cannot raise enough money through that sector to share to states so that everyone can pay workers, contractors and so on.
“We are well aware that this development may affect the payment of salaries in states, but we cannot hurriedly accept this money and then later cry foul play.
“So, we should all be patient. But we hope that with this latest development, NNPC will do the needful as soon as possible,” he said.
Meanwhile, in a document obtained by News Agency of Nigeria (NAN), the NNPC paid in N74.06 billion into the federation account as oil revenue generated in the month of February, to be shared in March.
“Compared to the collection of N111.84 billion in January 2018, the February collection of N74.06 billion is lower by N37. 76 billion or 33 per cent.
“We were unable to meet the approved budget as a result of low collection from Concession Rentals and Petroleum Sharing Contracts, PSC, Royalty.
“We wish to note that the sum of N30.5 million for the Misc Oil revenue and N6.11 million for Gas Flared are on transit at the end of Feb. 2018.
“Furthermore, we received 16. 56 million dollars out of the 85.94 million dollars expected from PSC and MCA lifting for the month under review, therefore leaving $68.65 million as outstanding,” NNPC said.
UROWAYINO WARAMI
source:vanguard.com
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What is wrong with this country?

NO SALARY FOR THIS MONTH

When then is the next meeting as a lot of Nigerians are expectant.

Emergency meeting is ongoing but no money for Easter

- The FAAC meeting for the statutory allocation to the three tiers of the Nigerian government ended in a deadlock on Tuesday, March 27, but this has been resolved - Members of the committee were reportedly earlier not comfortable with an underpayment of N37 billion by the NNPC - At the reconvened meeting, N647.39 billion was shared among all the tiers of government The Federation Accounts Allocation Committee (FAAC) finally ended the crisis that rocked its meeting on Tuesday, March 27, as it finally disbursement a total of N647.39 billion to the central, state and local governments in the country. The success of the meeting, according to reports, was because of the intervention of the finance minister, Kemi Adeosun, who reconvened it on Wednesday, March 28. The meeting held at the headquarters of the finance ministry and was presided over by Adeosun. The Punch reported that out of this amount, the federal government received N270.8 billion, states got N173.75 billion and the 774 local government councils were allocated a total amount of N130.9 billion. READ ALSO: Breaking: Tinubu reacts as President Buhari opposes Oyegun's tenure extension The report said the committee further allocated the sum of N57.35 billion to the oil-producing states based on the 13 percent derivation principle while N14.55 billion was returned to the revenue generating agencies as coat of revenue collection. The meeting of the Federation Accounts Allocation Committee (FAAC), which was convened on Tuesday, March 27, to consider and approve statutory allocations between the three tiers of government for February, 2017 ended in deadlock, The Punch has reported It was learnt that the committee could not approve the allocation to the federal, state and local governments as a result of what was claimed as discrepancies in revenue figures presented by the Nigerian National Petroleum Corporation (NNPC). Presided over by the finance minister, Kemi Adeosun, the other members of the committee are the Accountant-General of the Federation (AGF), Alhaji Ahmed Idris; commissioners for finance from the 36 states; representatives of revenue-generating agencies, the Nigeria Customs Service (NCS) and the NNPC, among others. According to Idris, the committee came to the decision to postpone the meeting after it discovered that the revenue remitted by the NNPC into the federation account was understated. Idris, who spoke with journalists after the meeting, revealed that submissions made at the meeting by the members of FAAC resulted in the decision to postpone the meeting pending the reconciliation of the revenue figure. Read more: https://www.naija.ng/1160296-fg-states-local-governments-n64739-billion-faac.html#1160296

firo08:
What is wrong with this country?

nothing relax salary is here

abokibuhari:
NO SALARY FOR THIS MONTH

there is

kayusely70:
When then is the next meeting as a lot of Nigerians are expectant.

issues resolved

Thanks

Where did they think Buhari got the ransome money paid to Boko Haram from?