Home News NNPC’s revenue discrepancies stall FAAC meeting

NNPC’s revenue discrepancies stall FAAC meeting


For the second time in three months, the Federation Account Allocation Committee’s (FAAC’s) meeting ended inconclusively yesterday in Abuja following the failure of the Nigerian National Petroleum Corporation (NNPC) to provide incontrovertible details of its revenue to members of the committee.

Consequently the state commissioners of finance left the meeting in pensive mood, making good their threat not to accept revenue report by the corporation (NNPC) that did not reflect its actual collections.

The Chairman, Forum of Finance Commissioners, Mallam Mahmoud Yunusa, who did not respond to media enquiries on what caused the deadlock, however, confirmed that the commissioners were returning to their states to confer with their governors over matters that arose at the meeting.

However, the Director Press, Ministry of Finance, Hassan Dodo, said that the meeting would reconvene before the end of the week to finalise deliberations on pending matters not concluded at the Wednesday meeting.

It would be recalled that in recent months, NNPC had been accused of not providing factual figures on its revenue accruals by the finance commissioners.

For instance, about three months ago the FAAC meeting was disrupted following alleged discrepancies in the NNPC revenue figures and it took the intervention of the Minister of Finance, Mrs. Kemi Adeosun before the crisis was thawed.