FG Postpones May FAAC Meeting

The Federal Government has postponed the May 2022 Federation Account Allocation Committee (FAAC) meeting earlier scheduled to hold virtually from the 18th to 19th of this month due to what it tagged: “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.

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.

“In view of the foregoing, I am to further inform you that the new date for the meetings will be forwarded to you in due course.

“While we regret the inconveniences this change might cause you, please accept the assurances of the Honorable Minister’s warm regards”.

The Economic and Financial Crimes Commission (EFCC) had on Monday arrested and detained Mr Idris over allegations of fraud running to the tune of N80 billion.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed had earlier on Wednesday announced an indefinite suspension of Mr Idris “without pay” to allow for “proper and unhindered investigation” in line with extant public service rules.