FAAC meeting postponed indefinitely as states, NNPC tussle over N1.7trn remittances

The Federation Account Allocation Committee (FAAC) has announced the indefinite postponement of its meetings for February 2025.

Ali Mohammed, FAAC secretary, announced the postponement in a statement on Thursday.

“Further to our earlier notice referenced F.12090/T/68 dated 14th February, 2025 on the above subject, I am directed to inform you that the meetings of the Federation Account Allocation Committee (FAAC) for the month of February 2025 have been postponed,” Mohammed said in a letter to FAAC members.

“In view of the foregoing, I am to further inform you that a new date for the meeting will be communicated to you later, while the previous communique that was issued would be reviewed accordingly.

“The Ministry regrets any inconvenience the postponement might have caused you and accepts the assurances of the highest regards of the honourable minister of finance and coordinating minister of the economy.”

Earlier today, TheCable reported that the FAAC meeting was not held on Wednesday due to a dispute between states and the Nigerian National Petroleum Company (NNPC) Limited over outstanding remittances.

States decided to boycott the meeting until the national oil company remits revenues amounting to an estimated N1.7 trillion from November 2024 when the petrol subsidy was fully removed.