BUSINESS
We May Delay Salaries Till FAAC Deadlock Is Resolved -Adeosun
Kemi Adeosun
Minister of Finance, Kemi Adeosun says the stalemate at the federation account allocation committee (FAAC) meeting will delay the payment of salaries.
Adeosun revealed this while briefing state house correspondents on the deliberations at the national economic council (NEC) meeting presided over by Vice President Yemi Osinbajo.
She noted that the council was briefed on the FAAC shambles where states resolved to wait until the remittance made by the Nigeria National Petroleum Corporation is reconciled before they receive their allocations.
“We operate NNPC as a business, we have invested public capital in that business and we have an expectation of a return. and when that return falls lower than our expectations then the owners of the business, which in this case is the federal government and the states need to act,” she said.
“So that is really what caused the deadlock yesterday (June 27). We really felt that the figures that the NNPC was proposing for FAAC were unacceptable; we felt that some of the costs could not be justified.
“And so we have decided rather than approve the accounts we would go back and do further work. Further negotiation and interaction are going on with NNPC as we speak.
“However, we did brief both Mr President and the vice president on the deadlock and asked for their support and their forbearance because the consequence of this is that salaries might be well delayed in many states as a result of this.
“But we feel that in order to get to the accurate figures that we need we have asked for forbearance and the governors and indeed the federal government are all in agreement that we need to get to the bottom of those figures.”
The FAAC meeting, which holds on a monthly basis ended in a deadlock on Wednesday. The NNPC noted in a statement that governors wanted extra N40 billion
Oborevwori Approves N10bn For 92 Delta Schools, 4,500 Desks — Full List Not Yet Released
Uzodimma: Nobody Can Take My Imo West Senate Ticket
Son Allegedly Kills APC Chieftain Father With Sledgehammer In Edo Over Prophecy
INEC Removes 1.6 Million Invalid Voter Records, Flags 54 Officials
How INEC Counts, Collates and Declares Nigeria’s Presidential Election Winner
Ozoro Curfew Relaxed To 10pm, Knock-Out, Unregistered Okada Banned After Cult Clashes
Oborevwori Cuts Warri Ring Road, PTI-Eku Road Timelines As Delta EXCO Approves N1.24trn 2027 Budget
Babcock 400-Level Student Alive After Viral Hostel Window Incident — Roommates Saved Him, Varsity Confirms
Pastor Tunde Bakare: I Told Tinubu I’m Too Old To Be A Minister
Oil Theft: Navy Arrests 259 Suspects, Recovers 7.48m Litres Of Stolen Products
2027: Makinde Dares Political Godfathers, Says God, Nigerians Will Give Him Presidency
Obasanjo Blames Leadership Failures for Nigeria’s Insecurity, Poverty, Mass Migration
50 Years Later, In The Same Hall Built For FESTAC ’77: Afreximbank Finally Puts Money Behind Film About FESTAC ’77
‘They Were Warned’: Delta Govt Says Asaba Death Could Have Been Avoided If NDC Had Not Ignored Police Advice
Minimum Wage: NLC Rejects FG’s 2027 Timeline, Demands Immediate Talks
