March FAAC draws more controversy as fresh facts emerge


Oil-producing states get N31.9bn in Oct, as FAAC distributes N604.004bn

•States rejected FG’s figures meant for FAAC
•Fin. Ministry withholds info on what transpired

By Emma Ujah, Abuja

Against the backdrop of controversy generated by Edo State governor, Godwin Obadeki’s claim that N60 billion was printed to augment the March 2021 Federation Accounts Allocation Committee, FAAC, there are indications that there was a breakdown in negotiation between the federal government and states on the actual amount meant for sharing among the tiers of government.

A document seen by Vanguard at the Finance Ministry showed that following a huge shortfall in the expected amount to the credit of the distributable FAAC pool for March, the federal government had originally augmented the shortfall with N8.645 billion from the Equalization Fund and some amount from a Foreign Exchange Reserves account.

The document, which was meant to be a communiqué for the last FAAC meeting, indicated that the expected revenue shortfall was about N203 billion, indicating that…

Source: Vanguard Newspaper