FAAC: Again, finance commissioners fail to meet for May sharing

July 11th, 2018

By Chika Otuchikere

For the second time, the Federation Accounts Allocation Committee (FAAC) failed to meet to distribute the May 2018 revenue to the three tiers of government.

The meeting which was rescheduled for 6pm on Tuesday could not hold as the minister of Finance and the Accountant General of the Federation were visibly absent for the meeting.

A source inside the Ministry of Finance however, disclosed to The AUTHORITY that the meeting could not hold due to lack of quorum. According to the source, the Minister of Finance, Mrs Kemi Adeosun, had attended another event and so, could not return on time for the FAAC meeting.

Also, most of the states’ commissioners who suspected that the meeting could end in deadlock like the previous occasions, absented themselves as only less than five of the commissioners attended the meeting.

This is the fourth time that the FAAC meeting would be getting enmeshed in controversy. It happened in March, when they met to share the February allocation, it happened again in April, for the sharing of the March allocation and in June they met twice but could not share the May allocation due to controversy surrounding the remittances of the Nigerian National Petroleum Corporation (NNPC).

After the commissioners who were present waited for about two hours, they began to file out of the Finance Ministry auditorium, venue of the meeting. Most of them were visibly livid with anger and were grumbling that the FAAC wasted their time when they knew that they were not going to hold the meeting.

Attempts by journalists to speak with the Chairman of the Finance Commissioners Forum proved abortive as he angrily refused to speak, fuming that the reporters must not force him to speak since the event did not hold.

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