‘Why FAAC deadlock was not discussed at NEC’

The deadlock of the Federation Account Allocation Committee (FAAC) was not discussed at yesterday’s National Economic Council (NEC) meeting.


The meeting held at the Presidential Villa was presided over by Vice President Yemi Osinbajo. It was attended by Governors of Anambra, Bauchi, Katsina, Kebbi, Kwara, Ogun and Zamfara states.

Some deputy governors and top government functionaries including the CBN Governor, Godwin Emefiele, the GMD of the NNPC, Maikanti Baru were also in attendance. 


Bauchi State Governor Mohammed Abdullahi Abubakar who briefed State House Correspondents alongside his Anambra state counterpart, Willie Obiano said the issue was not discussed. 

“Actually FAAC was not on the agenda of the meeting. But that is not to say that a committee of NEC comprising governors representing each of the geo-political zones, is as we are speaking negotiating on this issue of FAAC,” he said.

A source around the governors told Daily Trust that the deadlock may drag for long over the attitude of the NNPC management. The source, who craved anonymity, said the NNPC recorded revenue of over N400 billion but presented N120bn to FAAC.

“They claimed to have spent N80bn on under recovery for the importation of refined product, N15bn on miscellaneous, N3bn on pipelines vandalization and N2bn on crude theft.

“The argument is that revenue accruing to the federation account from the NNPC should not be brought to FAAC by the corporation. The DPR should do it,” the source said.

The source said the key issue of contention was the claim that the country consumes 60 million litres per day, saying “It is impossible for us to consume that quantity daily. Even the World Bank had told us that it is not possible for the country to be consuming 60m litres daily. If we continue to allow that to happen, they will continue to take large chunk of the money through that,” the source said.

Deputy governor of Oyo State, Moses Alake Adeyemo said the minister for finance, Kemi Adeosun told the Council that the balances in the federation accounts were; Excess Crude Account $1,918,509,918.86, Stabilization Fund Account N18,882,864,216.56 and Natural Resources Development Fund N133,715,427,387.37.

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