The sharing of resources from the Federation Account to the three tiers of government is being delayed again this month, as is fast becoming the trend since the beginning of the year.
Allocations for the three tiers have been coming late into the following month since the beginning of this year, contrary to the situation in the past.
The fund-sharing meetings of the Federation Account Allocation Committee (FAAC) usually hold by the second week of every month, chaired by the Minister of State for Finance, to disburse funds for the previous month.
The meeting of the FAAC scheduled initially for April 12 and 13, 2012 has been shifted to April 19 and 20 due to what the authorities termed “technical hitches.”
However, LEADERSHIP checks revealed that the postponement of the meeting was to give the Nigerian National Petroleum Corporation (NNPC) more time to remit revenues into the Federation Account.
Besides the delay in remitting earnings for the month of March, the corporation has a carry-over of N203 billion indebtedness to the Federation Account from 2011.
Last year, the monthly FAAC meeting was postponed several times because of NNPC’s N450 billion indebtedness to the Federation Account. The corporation later agreed to pay the debt in instalments.
SOURCE: Leadership Newspaper, 19 April 2012. http://www.leadership.ng/nga/
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