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FG Delays FAAC Revenue Sharing Meeting Again

By on May 16, 2012

The Federal Government has delayed the Federal Accounts Allocation Meeting (FAAC) for the second month fueling speculation that the government is broke.

The FAAC meeting is the monthly get-together of Federal and State government in order to share revenue to the three tiers of government.

The meeting was scheduled to hold yesterday but was postponed until Friday. This development comes at a time there is national outcry against unpaid salaries and allowances to civil servants and National Youth Service Corps (NYSC) members.

Senior government officials have fingered the Nigerian National Petroleum Corporation (NNPC) as being responsible for the development. The NNPC is said to have failed to remit crude oil sales revenue to the Federation Account.

Minister of Finance, Ngozi Okonjo Iweala, has blamed Nigeria’s trading partners for failure to remit crude oil payments on time.