PRESIDENT Muhammadu Buhari has waded into the deadlock in the meeting between the Federation Accounts and Allocation Committee (FAAC) and the governors.
Nigerian Governors Forum Chairman and Zamfara State Governor Abdulaziz Yari and Minister of Finance Kemi Adeosun briefed State House correspondents yesterday after a meeting in the Presidential Villa, Abuja.
Yari said: “Initially, it was supposed to be a private meeting, but it has turned to be official. We were supposed to hold the FAAC meeting since last week, which became deadlock. That is why I came to discuss with the President.
“And in further discussion, the Chief of Staff decided to invite the minister so that we can discuss further and to know how best we can deal with the issue at hand.”
Asked whether there is any headway, he said: “Yes, there is headway because the President and the Minister of Finance will meet with NNPC officials, where the problem is so that we will solve it.”
On the fruitfulness of the meeting, Mrs. Adeosun said: “As you know, the FAAC meeting was inconclusive last Wednesday and since then, we have been having series of engagements between ourselves, governors, the commissioners and the various stakeholders.
“Today’s meeting was for me to brief the governors and the Chief of Staff, and by extension, the President on the progress we have made so far on our position. The President has promised that he is going to take the next step and to that extent, we were very successful.”
Asked if the NNPC finances are not under the TSA, she said: “They are. Every agency is in the TSA. You know FAAC is unique. All the revenue generating agencies make their returns every month in FAAC. And those returns are net of their expenses. So, it is in the area of expenses where we have dispute.
“It is not in the gross revenue. The area of dispute is what has been deducted from the gross revenue to give us the net, which is brought to the FAAC account.
“But I think this is a healthy process. We must be satisfied with figures before we sign up. We must as stakeholders ensure that all our agencies are aligned with the programmes of the government in terms of getting this economy really moving. It is more of reconciliations than stand ups. I’m sure we will have the FAAC in the days or so resolved.”