Presidency wades into Corporation and Fiscal Committee deadlock

President Muhammadu Buhari has waded into the recent deadlock between the Chief of Staff to the President, the Nigerian National Petroleum Corporation NNPC, the Federation Accounts and Allocation Committee FAAC meeting and State Governors.

Chairman of the Nigerian Governors Forum and Zamfara State Governor, Abdulaziz Yari stated this when he briefed State House Correspondents on Thursday, after a meeting between some Governors and the Minister of Finance, Kemi Adeosun at the Presidential Villa, Abuja on Thursday.

Yari said We were supposed to hold the Federation Allocation Accounts Committee (FAAC) meeting since last week, which became deadlocked. That is why we came to discuss with the President. And in further discussions, the Chief of Staff decided to invite the Honourable Minister of Finance so as to know how best to deal with the issue at hand.

Asked whether there was any headway now, he said Yes, there is headway because the President and the Minister of Finance will meet with NNPC officials where the problem is, so that it can be solved.

Commenting on Wednesday's emergence of a faction of the All Progressives Congress APC, known as Reformed All Progressives Congress R-APC, on break he said Of course, I have to get worried, but it is something we will control. We should expect this kind of wrangling left, right and centre this time around.

The Finance Minster, Kemi Adeosun said Thursday's meeting on resolving the FAAC deadlock was fruitful.

As you know, the FAAC meeting was inconclusive last Wednesday and since then we have been having series of engagements between ourselves, Governors, the Commissioners and the various stakeholders. Today's meeting was for me to brief the Governors and the Chief of Staff to the President and by extension, the President, on the progress we have made so far on our position. The President has promised that he is going to take the next step and to that extend we were very successful, she said.

Asked if the NNPC finances are not under the Treasury Single Account TSA, she said They are. Every agency is in the TSA. You know FAAC is unique. All the revenue generating agencies make their returns every month in FAAC. And those returns are net of their expenses. So it is the area of expenses where we have dispute. It is not in the gross revenue. The area of dispute is what has been deducted from the gross revenue to give us the net, which is brought to the FAAC account.

He said stakeholders should ensure that all agencies aligns with the programmes of the government to move improve the economy.

Source: Voice of Nigeria