President Muhammadu Buhari has offered to intervene in the disagreement between the Federation Account Allocation Committee (FAAC) and the Nigerian National Petroleum Corporation (NNPC). This disagreement had frequently disrupted the monthly Federation Allocation disbursements.
It was gathered from sources present at the meeting that the present logjam in the monthly disbursements was as a result of NNPC’s inability to fund the account.This has been reoccurring for months now such that the Minister of Finance, Mrs Kemi Adeosun, at some point had to step in to plead with the state governments to extend the olive branch to NNPC.
For several months running, the body of state commissioners of finance have angrily walked out of successive FAAC meeting because of NNPC’s inability to reconcile accounts and and fund the FAAC Account.
A source at the FAAC meeting yesterday said: “The whole thing revolves around NNPC’s irreconcilable account but, President Buhari has intervened. I have no idea when the next FAAC meeting will hold but this depends on the outcome of intervention by Mr. President.”
Reporters had gathered at the Finance Ministry’s auditorium, venue of the FAAC meeting as early as 4pm yesterday after being invited to cover the meeting.