Vunderkind
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NIGERIA - The Federation Accounts Allocation Committee (FAAC) November meeting ended in confusion on Tuesday as the reps from 36 states of Nigeria accused the FG of not accounting for $1bn (N168 billion) of excess crude Oil Money.
This, from Premium Times:
The Chairman of State Commissioners of Finance, Timothy Odaah, told reporters after the meeting which ended Tuesday night, that no state knew how the $1 billion difference reported in the Excess Crude Account balance, between October and November, came about.
The FAAC meeting is a monthly gathering of state finance commissioners and the federal finance ministry and the Accountant General of the federation, where federal oil receipts are shared between the federal and state authorities.
With falling oil price, the 36 states have turned more attention on the Excess Crude Account, which has depleted from more than $40 billion in 2007 to about $4 billion in 2014.
Though Mr. Odaah said the discrepancy has been noted for discussion at the next FAAC meeting, his disclosure called to question how transparent the management of the excess crude revenues is.
Click here to read more
Source: #PremiumTimes
This, from Premium Times:
The Chairman of State Commissioners of Finance, Timothy Odaah, told reporters after the meeting which ended Tuesday night, that no state knew how the $1 billion difference reported in the Excess Crude Account balance, between October and November, came about.
The FAAC meeting is a monthly gathering of state finance commissioners and the federal finance ministry and the Accountant General of the federation, where federal oil receipts are shared between the federal and state authorities.
With falling oil price, the 36 states have turned more attention on the Excess Crude Account, which has depleted from more than $40 billion in 2007 to about $4 billion in 2014.
Though Mr. Odaah said the discrepancy has been noted for discussion at the next FAAC meeting, his disclosure called to question how transparent the management of the excess crude revenues is.
Click here to read more
Source: #PremiumTimes
