The Federation Accounts Allocation Committee (FAAC) meeting where federally generated revenue are collated and distributed met twice in June and once early this month, but failed to agree on the figures reported by the NNPC as revenue for the May month, forcing it to end inconclusive for the third time and suspended indefinitely as each parties - the NNPC and the states stick to their guns.
The Chairman of the Nigerian Governors Forum, Alhaji Abdullahi Yari of Zamfra State had on Thursday at the end of the National Economic Council (NEC) meeting in Abuja restated the States’ position that FAAC will remain suspended, until the NNPC was prepared to remit the alleged withheld revenue from the Federation Account.
However, in a shocking action yesterday, the Federal Ministry of Finance in a statement by its Director of Information, Mr. Hassan Dodo announced the distribution of the said disputed revenue figures to the three tiers of Government.
The statement said the distribution was made amid ongoing reconciliation efforts between the NNPC and the States.
It was, however, silent on whether the decision was in agreement with the States.
Several calls to the Finance Ministry Director as well as the Special Assistant to the Minister of Finance, Mrs. Kemi Adeosun on Media and Communications, Mr. Oluyinka Akintunde as well as that of the Director of Information at the office of the Accountant General of the Federation, Mr. Oise Johnson remained unanswered.
But the Chairman of the Finance Commissioners Forum, Mr. Yunusa Mahoud expressed shock when sought to react.
He said: “ Who told you that? I am not aware.”
The Federal Ministry of Finance statement read in part: “Owing to agreement on remittances by the Revenue Generating Agencies, especially the NNPC, the sharing of revenues for May 2018 that was meant to be distributed in June 2018, was put on hold.
“However, the urgent need to cushion the undue hardships being experienced by workers nationwide has made it necessary to distribute the May figures totalling N668.898 billion to the three tiers of Government, while efforts are being intensified to address the unsatisfactory remittances.