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
Why Malaysian Police Shot Dead Nigerian Man After Officer’s Hand Was Severed.
Nigerian-British Retiree Found Dead in London Home, Wife Recounts Final Phone Call
Portable Claims Yayi Paid Him N100m for APC Campaign Activities
Ohworode Of Olomu Confers Iyete Title On NUJ Warri Chairman Akpokona Omafuaire
Delta Puts $100m To Derisk Investors, Showcases Burutu Port, Glass Factory Projects
Nigeria Was The Only One Cut Out – FFK Blasts South Africa After Presenting Credentials To Ramaphosa
Tinubu Condemns Political Violence, Orders Security Agencies to Arrest Perpetrators
US Family Makes Guinness Record As Five Generations Share Same Birthday
Court Rejects Emefiele’s Objection, Admits Supreme Court Judgment
Solar Energy In Nigeria: From Luxury To Necessity As Imports Hit ₦242 Billion
US To Watch Nigeria’s January 16 Election Like A Hawk Over Violence Fears
Angry Nigerians Block INEC Chairman Amupitan’s Car Outside Chatham House In London [VIDEO]
Delta Paying Billions To Fix Federal Roads, Aniagwu Reveals
Okowa Gets Rousing Welcome in Aniocha South, Says Vote For APC Will Not Be Wasted
Tompolo’s Tantita Donates Operational Vehicles To Enerhen Divisional Police
