FAAC meeting adjourned over NNPC’s failure to provide component statement

The meeting of the Federation Account Allocation Committee scheduled for Friday was put off till Saturday because stakeholders had not received the component statement from the Nigerian National Petroleum Corporation.
One of the state Commissioners for Finance, who pleaded anonymity, told the News Agency of Nigeria that for the second time, the NNPC was late in remitting funds into the Federation Account.
The Commissioner said: “NNPC is the major cause of all these things.
“It has not brought in money just like last month.
“Last month, the state governors insisted that the NNPC must bring in money before it later brought out N30 billion from Excess Crude Account before the last FAAC could hold.
“Again this month, the Central Bank of Nigeria and Revenue Mobilization Allocation and Fiscal Commission said they have not received component statement from NNPC.
“This indicates that NNPC had not paid money into the Federation Account.
“Without that money, we have to wait till tomorrow for FAAC meeting to hold.
“If the component statement is sent from NNPC, it will take about six hours before the stakeholders can go through it.