February FAAC Meeting Inconclusive Over Inadequate Revenue
AMINA HUSSAINI, Abuja
Nigeria seems to be facing a real tough time than anticipated as the monthly meeting of the Federation Account Allocation Committee (FAAC) held Wednesday ended inconclusively owing to inadequate revenue.
The meeting of the three tiers of government where February allocation is to be shared held behind closed doors for three hours, but they all came out without agreeing on what to share.
The Director, Press of the Federal Ministry of Finance Hassan Dodo told the press that the meeting was inconclusive without giving details.
However, a (FAAC) member who refused to be named confirmed that the meeting was deadlocked between the federal and state governments who are the heavyweights at the meeting.
Another source told INSIDEBUSINESS that the cause of such disagreement is inadequate money.
“Cast your mind back to the source of past disagreements at FAAC. It is only when there wasn’t enough to share because revenue-generating agencies did not remit fully into Federation Account” .
Consequently, a new date will be fixed for the continuation of the FAAC meeting after the Thursday meeting of the National Economic Council (NEC) at the Villa
Last month, the meeting ended with the news that the Excess Crude Account (ECA) had been seriously depleted to on $71milion.
Also within the month, it was disclosed that about 50 crude oil-bearing tankers are stranded at sea because of the Coronavirus pandemic.
The federal government has hinted that it will review the 2020 budget parameters to accommodate the difficult realities brought on the world economies by the scourge of Coronavirus.
What is clear after the meeting is that if the deadlock persists beyond this week, civil servants across the country may have to wait longer to get their March 2020 salaries.
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