A Federation Account in trouble!

After several failed attempts by the Federation Accounts and Allocations Committee, FAAC, to share federally collected revenue to the 36 states, the deadlock was partially broken penultimate week with the sharing of nearly N1.196 trillion to the three tiers of government for the months of August and September, temporarily ending the financial drought in many states and bringing some relief to the state governors and their people.
However, the staccato style of collecting and sharing public revenue, which used to be a seamless and transparent exercise, leaves many Nigerians wondering what has gone amiss in the process and triggers the question: Where has all the money gone?
Not many Nigerians seem to be aware of the drama that has been playing out at the meeting of the Federation Accounts Allocations Committee, FAAC, lately. In fact, if the plots had been recorded, they would have been enough to make a full length Nollywood film. The 36 states Commissioners for Finance, who have been meeting with the Minister of State for Finance at the Federal Ministry of Finance and Economic Planning monthly, have never had it so bad. None of them expected that a normal exercise of meeting and sharing the money that has accrued to the purse of the Federation at the end of the month could be turned into a muscle-flexing and tongue-lashing endeavour.

Category: