Home News FAAC suspends meetings indefinitely over under-remittance by NNPC

FAAC suspends meetings indefinitely over under-remittance by NNPC


The Chairman, Commissioners of Finance Forum, Mahmood Yunusa on Thursday disclosed that the Federation Accounts Allocation Committee (FAAC) has agreed to suspend meetings indefinitely until an effective revenue collection process is implemented.

Yunusa said this in Abuja after the monthly FAAC meeting ended in a stalemate for the third consecutive time in one month.

He said that the Committee was tired of battling with the Nigerian National Petroleum Corporation (NNPC) over oil revenue collections.

The chairman said that the Committee had already taken the matter before Muhammadu Buhari, the President  of Nigeria “but in the short term, FAAC meetings have been suspended until a more effective collection method is established’’.

“What we are looking for is for the process to be strengthened, once the process is strengthened there is no need for this fight.

“It is about the system and the process and we are working on it. It is no longer a joking matter, it has gone to the highest level.

“Mr President is highly interested in this and he is taking his time to ensure that the right thing is done.

“Once the process is strengthened, the correct amount is supposed to go to the federal revenue account.

“Even if it is small, we cannot challenge NNPC, so we are also helping NNPC from undue pressure,’’ he said