The Nation

19 October 2011

States walk out on panel over N250b subsidy

-FAAC meeting fails to share Sept cash

 -President may sideline National Assembly

There was no cash to share among the three tiers of government yesterday. The meeting of the Federation Account Allocation Committee (FAAC) was stalemated.

Commissioners of Finance stormed out of the meeting in Abuja protesting Federal Government’s deduction of N250 billion from the Federation Account to fund oil subsidy.

The FAAC meets monthly to work modalities for the sharing of the cash in the Federation Account.

Yesterday’s meeting was for the sharing of the September allocation which was put at about N1 trillion.