Home Finance & Economy FAAC deadlocked, to reconvene at another date

FAAC deadlocked, to reconvene at another date

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The Federal Accounts Allocation Committee meeting in Abuja on Wednesday has been deadlocked.

Officials at hand did not disclose to journalists the reason why the meeting was declared ‘Inconclusive’.

However, an official in the committee to who doesn’t what his name in the print said the Committee decided to adjourn the meeting to a later date owing to the fact the National Executive Committee will be holding in Abuja on Thursday.

As such, he said the committee decided to put the meeting on hold pending the outcome of NEC meeting tomorrow.

Also, Director of Press at the ministry of Finance, Hassan Dodo declined comments on the outcome of the meeting.

He said “The meeting is inconclusive and will be reconvened at a later date.”

However,gathered that the amount to be shared among federal, states and local government is February allocation which has accrued when the Coronavirus outbreak wasn’t severe.

Also, it is unclear when FAAC will reconvene to determine the amount to be disbursed to the three tiers of government.

But there are strong indications that the amount may reduce to a reasonable extent owing to harsh impact which Coronavirus is currently having on the economy.

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