Again, FAAC ends in deadlock for lack of quorum

Posted by Larry Nwabuoku on 2018-07-11 01:41:00 | Views: 8 |

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Again, FAAC ends in deadlock for lack of quorum

By Emmanuel Elebeke

ABUJA- The monthly federation account allocation committee (FAAC) meeting in Abuja on Tuesday, ended in a deadlock.

This is the fifth time the meeting is ending in deadlock this year and the second for May allocation.

According to an anonymous source, the meeting ended in deadlock due to the failure of the stakeholders to form quorum.

It will be recalled that the FAAC ended inconclusive in March for February allocation and in April for March allocation and also on 3th June for May allocation.

The FAAC monthly meeting is where allocation is made to the three tiers of government chaired by minister of finance and commissioners of finance from the 36 states of the federation and FCT every month, as well as representatives of revenue generating agencies.

All efforts to track the Accountant General of the federation to brief the press on the matter proved abortive as participants at the meeting milled out wearing long faces.

Chairman of forum of finance commissioners, Mahmoud Yunusa, chairman, also scampered to escape speaking to anxious press on what transpired at the meeting.

Meanwhile, the Special Adviser to the minister, Oluyinka Akintunde, revealed that the meeting would reconvene on Thursday.

The latest discrepancy in the FAAC may not be unconnected to the failure of Nigerian National Petroleum Corporation (NNPC) to remit all revenue accrued to the federation account within the month.

The agency has been notoriously accused of depriving the federation its statutory revenue over time, a development that has prompted the National Assembly to initiate a probe of NNPC revenue and crude out output since the beginning of this year.

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