FAAC Meeting Deadlocked As Governors Reject NNPC’s Offer

Contrary to some online reports that the Nigerian National Petroleum Corporation (NNPC) and governors from 36 states agreed to start sharing N112 billion as monthly allocation starting from June 2018, a top executive of the NNPC has dismissed the claim.

According to the “false” reports, the NNPC purportedly reached an agreement with the governors to give the Federal Accounts Allocation Committee (FAAC) a staggering N112 billion every month.

But speaking to our correspondent in a phone interview, our NNPC source who pleaded anonymity said, “There was never any agreement to share the amount in question,” adding that “the NNPC would have informed the public through the necessary channels if such decision had been reached.”

The FAAC meeting that held on Wednesday in Abuja was deadlocked as the N147 billion revenue remitted to FAAC for sharing by the NNPC was rejected by the governors.

The governors were said to have made “additional request of N40billion” to the initial offer of the NNPC.

“The corporation regretted the governors’ additional request of N40billion. It was unfortunate, given the fact that NNPC is set to exit the cash call phenomenon,” NNPC’s spokesperson, Ndu Ughamadu, told reporters on Thursday.

Meanwhile, it was learnt that no member of the committee agreed to speak to reporters after the Wednesday FAAC meeting that was attended by Commissioners for Finance and Accountants General.

Mr Hassan Dodo, the spokesperson of the Ministry of Finance, had told reporters that the media briefings that usually hold after the end of each FAAC meeting would not hold.

“Gentlemen of the Press, I have been directed to inform you that the usual media briefing at the end of FAAC meetings will not hold. Another date will be communicated to you when the committee is ready to brief the Press,” Mr Dodo had said.