Minister of Finance Kemi Adeosun
Members of the Federation Accounts Allocation Committee (FAAC) have agreed to suspend meetings indefinitely until an effective revenue collection process is implemented.
Chairman of the Commissioners of Finance Forum, Mahmood Yunusa, made this known on Thursday after the monthly meeting ended in another deadlock, the third successive time in one month.
As stated by Yunusa, the Committee was tired of battling with the Nigerian National Petroleum Corporation (NNPC) over oil revenue collections.
“What we are looking for is for the process to be strengthened, once the process is strengthened there is no need for this fight,” he said.
“It is about the system and the process and we are working on it. It is no longer a joking matter, it has gone to the highest level.
“Mr President is highly interested in this and he is taking his time to ensure that the right thing is done.
“Once the process is strengthened, the correct amount is supposed to go to the federal revenue account.
“Even if it is small, we cannot challenge NNPC, so we are also helping NNPC from undue pressure.”
With this development, some states may not be able to pay salaries.
But Yunusa is hopeful that once the process was completed, it would serve as a permanent solution to the reoccurring issue of under-remittance by the nation’s oil firm.