The Federation Account Allocation Committe (FAAC) encountered yet another stalemate on Tuesday and Wednesday with unresolved challenges, culminating in postponement of fund releases initially scheduled for Wednesday.
The allocation will be released today as a source confided on this medium , adding that the problem had nothing to do with lack of funds but slight ” error in figure which needs to be sorted out” “It’s not a serious problem.
The issue has to do with errors detected in the figure which is being sorted out. By tomorrow Friday ( today) the communique will be issued,” he said.
The Director of Press in the Office of the Accountant General of the Federation OAGF, Mallam Bawa Mokwa, informed New Telegraph last night in a phone chat that details of FAAC allocation for the month of February shared in March will be released tomorrow (today).
It was learned that the FAAC meeting started on Tuesday with the technical session and adjourned to be concluded on Wednesday for the plenary session.
The error was detected at the plenary forcing the session to adjourn. Direct disbursement of FAAC allocation to the local government as directed by the supreme Court is yet to materialize.
State governors are said to be vehemently against the directive, a development that negates financial autonomy granted to the 774 local government councils in Nigeria. Governors who met with President Bola Tinubu recently in Abuja were said to have open discussion on the issue with the president.
At the meeting, kicked against payment of the LG allocation through the Central Bank of Nigeria, citing the need to address the multi-billion dollar debts allegedly incurred by the councils. For January allocation shared in March, the sum of N 1.703 trillion, was shared to the Federal Government, States and the Local Government Councils.
The N1.703 trillion total distributable revenue comprised distributable statutory revenue of N749.727 billion, distributable Value Added Tax (VAT) revenue of N718.781 billion, Electronic Money Transfer Levy (EMTL) revenue of N20.548 billion and Augmentation of N214 billion.
