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Tuesday, 27 March 2018

FAAC meeting ends in deadlock over ‘shortage’ in NNPC revenue

FAAC meeting ends in deadlock over ‘shortage’ in NNPC revenue

The Federation Accounts Allocation Committee (FAAC) meeting ended in deadlock in Abuja on Tuesday.

This is as a result of the alleged discrepancy observed in the revenue figures presented by the Nigerian National Petroleum Corporation (NNPC).

Ahmed Idris, accountant-general of the federation, told journalists that the meeting was inconclusive because of irregularities in figures presented by the NNPC.

“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,” he said.

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“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.”

Mahmoud Yunusa, chairman, forum of FAAC commissioners, said the states 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.

“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,” he said.

“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.”

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