NEC fails to discuss FAAC revenue sharing controversy

Yemi Osinbajo at NEC meeting

The National Economic Council (NEC) on Thursday failed to discuss the deadlock in the sharing of revenue for June.

The NEC is headed by the vice president and includes all state governors and the Abuja minister.

The monthly meeting of Federation Accounts Allocation Committee (FAAC), where monthly revenues accrued to the country are shared between all tiers of government, was deadlocked for June after state commissioners of finance accused the state oil firm, NNPC, of shortchanging states.

Series of meetings to resolve the impasse failed to address the crisis. Many states are yet to pay workers’ salaries for June due to the crisis.

The NEC, which is headed by Vice President Yemi Osinbajo, met on Thursday at the council chamber of the State House, Presidential Villa, Abuja.

Briefing reporters after the meeting, Governor Mohammad Abubakar of Bauchi State said “the issue of the FAAC was not on the agenda.”

He, however, said a committee comprising of governors from the six geo-political zones of the country are currently “negotiating a way out of the debacle.”

PREMIUM TIMES gathered that the FAAC revenue controversy was the main agenda of a meeting of the Nigeria Governors Forum (NGF), which held Wednesday night ahead of Thursday’s NEC meeting.

It was also observed that the Group Managing Director of NNPC, Maikanti Baru; the governor of Central Bank of Nigeria, Godwin Emefiele; and the Minister of Finance, Kemi Adeosun, all made presentations to the NEC.

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