FAAC Stalemate Continues As Governors Label NNPC Remittance As ‘Unacceptable’

The controversy that trailed the impasse in the Federation Accounts Allocation Committee (FAAC) is far from ending.

The matter took a new dimension on Wednesday as the Nigeria Governors’ Forum (NGF) insisted that the remittances from the Nigerian National Petroleum Corporation (NNPC) were inaccurate.

Chairman of the Forum and Zamfara State Governor, Abdul’Aziz Yari, briefed reporters at the end of the meeting which held in Abuja, the nation’s capital.

He said the governors resolved that until the NNPC corrects the discrepancies in the amount remitted to the Federation Account, the states would not share the money.

“We have seen irregularities in numbers and discrepancies in numbers, saying that ‘you are taking subsidy – a subsidy of N88billion’; but you clearly stated that N31billion is for the month of June and N57billion is for payment of 2007 or 2017 subsidy, which is not acceptable,” Governor Yari noted.

He argued that the NNPC cannot deduct funds from the Federation Account at its discretion unless it gets the approval of the President or the National Executive Council (NEC).

The NGF chairman, however, pointed out that such was not the case in this instance and even if it was, the governors have a right to disagree or agree with such approval.

They also queried the amount that the NNPC claimed to have used for the payment of petroleum subsidies.

NNPC had remitted N147billion into the Federation Account in May, but the governors faulted the amount and asked the agency to return the funds it deducted.

They described the amount remitted as a far cry from expected revenue, noting that the said amount does not reflect the current economic realities and prices of oil in the international market.

Governors in attendance include Mohammed Abubakar (Bauchi), Godwin Obaseki (Edo), Abubakar Bagudu (Kebbi), Aminu Masari (Katsina), and Willie Obiano (Anambra), among others.