The Federation Accounts Allocation Committee (FAAC) meeting for February has been postponed indefinitely due to a dispute between states and the Nigerian National Petroleum Company (NNPC) Ltd over unpaid remittances.
Thefrontrank reports that the meeting was scheduled for Wednesday, February 19.
FAAC secretary, Ali Mohammed, 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.
“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,” the letter addressed to the FAAC members read.
It was gathered that states decided to boycott the meeting until NNPC settles an estimated N1.7 trillion in revenues, which have been pending since the full removal of the petrol subsidy in November 2024.
It is uncertain whether the meeting will take place next week, which may delay the payment of civil servants salaries for February.
This comes a few months after President Bola Tinubu said in a presidential TV chat that the federal government has not been depending on the NNPC to meet its financial obligations.
