FAAC In Another Deadlock

Kemi Adeosun, Minister of Finance
Kemi Adeosun, Minister of Finance

For the third time in a row, the Federation Accounts Allocation Committee, FAAC, meeting witnessed another deadlock as state commissioners for finance rejected the revenue put on the table by revenue agencies.


Alhaji Mahmood Yunusa, Chairman of the Forum of Commissioners of Finance, told journalists that his colleagues had decided not accept the May revenue until a clear system for determining federation revenue was put in place.


He said: “What we are looking for is for the process to be strengthened once the process is strengthened there is no need for this fight.


“It is about the system and the process and we are working on it.


” It is no longer a joking matter, it has gone to the highest level. Mr President will sit down, he is highly interested in this, he is taking his time to ensure that the right thing is done.


“We want to strengthen and deepen this process. Once the process is strengthened the correct amount is supposed to go to federal revenue account.


“Even if is small we cannot challenge NNPC, so we are also helping NNPC from undue pressure.


“We know that people are facing difficulties but this is a sacrifice that all of us must do to get out of this problems of NNPC under remittance.


“If the process is operated the way it is supposed to, nobody will complain.

“The next meeting is a function of when we finish.”