July 13, 2018

FAAC suspends meetings indefinitely over under-remittance by NNPC

The Chairman , Commissioners of Finance Forum , Mr . Mahmood Yunusa , yesterday said the Federation Accounts Allocation Committee ( FAAC) had agreed to suspend meetings indefinitely until an effective revenue collection process is implemented . According to a News Agency of Nigeria (NAN) report, Yunusa made the declaration in Abuja after the monthly FAAC meeting ended in a stalemate for the third consecutive time in one month. He said that the committee was tired of battling with the Nigerian National Petroleum Corporation ( NNPC) over oil revenue collections. The chairman said that FAAC had already taken the matter before President Muhammadu Buhari . “But in the short term, [Read]