The Federal Ministry of Finance says the monthly Federal Account Allocation Committee meeting billed for August is delayed because “it is when all the revenue generating offices remit that FAAC can hold”.
The Permanent Secretary of the ministry, Anastasia Nwaobia, said many factors, including the late holding of the meeting in July, also contributed to this month’s delay.
Nwaobia said: “It is when all the revenue generating offices remit (their revenues) that FAAC can hold.
“We were supposed to sit last Friday but due to factors beyond our control, we had to postpone it.
“But bear with us.
“FAAC will soon hold.”
Nwaobia assured Nigerians, especially Federal Government workers, that after the monies had been shared, she would ensure that the office of the Accountant-General of the Federation worked efficiently to pay salaries in due time.
NAN reports that some of the agencies that remit funds into the federation account include the Nigerian National Petroleum Corporation, the Federal Inland Revenue Service, the Nigerian Custom Service and the Central Bank of Nigeria.
The FAAC committee is made up of Commissioners for Finance from the 36 states of the federation, the Accountant-General of the Federation and representatives from the NNPC.
Others are representatives from the Federal Inland Revenue Service, the Nigerian Custom Service, the Central Bank of Nigeria and the Revenue Mobilisation, Allocation and Fiscal Commission.
The Federation Account is currently being managed on a legal framework that allows funds to be shared to the three tiers of government under three major components.
The components are the statutory allocation, Value Added Tax distribution and allocation made under the derivation principle.
Meanwhile, Nigerians, including civil servants, have expressed concern at the lateness, saying it may cause delay in payment of their August salaries.
A cross section of civil servants expressed the fears when they spoke with the News Agency of Nigeria in Abuja on Monday.
NAN reports that the meeting, which usually holds on the 15th of every month, has yet to resolve issues with just seven days to the end of the month.
A civil servant at one of the Federal Government ministries, James Laban, said reading about FAAC usually gave him assurance that “salary is coming soon”.
According to Laban: I usually get agitated anytime I do not read or hear about the meeting.
“To me, it signifies that salaries will be delayed.”
A Socio-political commentator, Jude Ndukwe, said when salaries are delayed, it loses value to a worker because he or she might have to borrow to make ends meet.
Ndukwe said: “Change needs to start working fast.
“It seems like the present administration’s key focus is on fighting corruption.
“An economic blueprint needs to be fashioned out as soon as possible.”
NAN.
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