"Certain Circumstances" responsible for postponment of May FAAC -FG

The Federal Government has said that “certain circumstances” was responsible for the postponement of May 2022 Federation Account Allocation Committee (FAAC).

The meeting was expected to hold virtually from the 18th to 19th of May.

The postponement of the meeting may not be unconnected with the ongoing investigations of the Accountant General of the Federation, Mr Ahmed Idris, over alleged N80 billion fraud.

In a letter signed by Stephen Okon, Director, Home Finance, Federal Ministry of Finance, Budget and National Planning, on Wednesday, he informed that the meeting was postponed due to “certain circumstances”.

The circular reads in part: “I am directed to inform you that the Federation Account Allocation Committee (FAAC) meetings earlier scheduled to hold virtually on the 18th and 19th May 2022 have been postponed due to certain circumstances.

The FAAC meeting’s postponement may affect the financial position of the federating states that depend on the monthly FAAC disbursements for their day to day running of government administration. 

The FAAC meets monthly to share revenues that have accrued to the Federal Government of Nigeria among the three tiers of government.