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FAAC RECONVENES OVER N450BN NNPC DEBT

By NBF News

Strong indications emerged on Thursday that the Federation Account Allocation Committee will on Friday (today) meet to deliberate on revenue allocation for the month of September.

It will also discuss a N450bn debt owed it by the Nigerian National Petroleum Corporation.

The meeting, which is scheduled to hold in Abuja, is expected to be chaired by the Minister of State for Finance, Hajiya Yabawa Wabi.

Others expected at the meeting include the Accountant-General of the Federation, Alhaji Ibrahim Dankwambo; the Director of Home Finance in the Federal Ministry of Finance, Mr. Lexy Omoha; the 36 state commissioners for finance and accountants-general, with the representatives of the Federal Capital Territory Administration.

Others include representatives of the Revenue Mobilisation, Allocation and Fiscal Commission; Central Bank of Nigeria, Federal Inland Revenue Service, Nigerian National Petroleum Corporation, Nigeria Customs Service and the Department of Petroleum Resources.

The corporation is currently owing FAAC about N450bn, being its statutory obligation to the Federation Account.

The committee had in the past frowned at NNPC's refusal to pay the debt despite series of notices, which had been served on the corporation.

The failure of the corporation to make good its obligation had resulted in wrangling between the immediate past Minister of State for Finance, Mr. Remi Babalola and the management of NNPC