FAAC meeting for February revenue deadlocked

Nigeria’s economic recession will be short-lived- Finance Minister


The Federal Account Allocation Committee meeting for the disbursement of revenue generated in February to the three tiers of government went into a deadlock on Wednesday.

The meeting which began on Tuesday and ran into Wednesday night could not be concluded due to reasons which the various Finance commissioners of states which attended the meeting declined to comment on.

When newsmen were allowed into the ministry of Finance auditorium where the meeting held, the Accountant General of the Federation, Mr. Ahmed Idris who usually presided over the meeting and the permanent secretary of the ministry of finance were absent.

The Director of press for the ministry, Mr Hassan Dodo who addressed the press said the meeting was inconclusive and would reconvene at a later date.

Meanwhile, It was gathered that the committee could not reach a resolution because of the National Executive Council Meeting (NEC) which is billed for today and that the committee needed the input from NEC to resolve some grey areas with regards to the revenue disbursement for the month.

There was speculation that the dwindling revenue occasioned by the crash in the price of crude oil, the country’s mainstay, may have played a role in the inconclusive meeting, as there are indications that the federal government may need to adjust the sharing pattern to reflect the current state of the economy.

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