The Federation Account Allocation Committee (FAAC) session was adjourned yesterday on account of Nigerian National Petroleum Corporation (NNPC) failure to remit accurate returns to Federation Account.
Last month, FAAC was adjourned to enable proper reconciliation of NNPC account after a short payment of N100 billion was discovered in its payment to Federation Account.
Chairman, Finance Commissioners Forum Mallam Yunusa Mahmoud confirmed FAAC postponement to reporters last night.
He described the postponement as “an unfortunate development that prompted the governors and finance minister’s intervention.”
He said: “We have some challenges; the figures we have gotten is far less of what we expected to be remitted by NNPC. As it is now, there is a meeting between the governors and the top management of NNPC at the villa. I believe this is a very high level deliberation and something good will come out of it.
“NNPC is duty bound to carry FAAC stakeholders along in its business; anything short of transparency in its account rendition would elicit questions.”