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FAAC MEETING POSTPONED OVER ACCOUNTANT GENERAL’S N80BN PROBE

FAAC MEETING POSTPONED OVER ACCOUNTANT GENERAL'S N80BN PROBE

The Federal Government has announced the postponement of May 2022 Federation Account Allocation Committee (FAAC) meeting.

The sudden postponement may not be unconnected with the ongoing investigation of the suspended Accountant General of the Federation, Ahmed Idris, over alleged fraud to the tune of 80 billion naira.

The FAAC meeting is a monthly meeting where the federation allocates monthly revenue among the three tiers of government.

The meeting had earlier been scheduled to hold virtually between May 18 to 19, 2022.
The Ministry of Finance, Budget and National Planning, said this on Wednesday in a letter signed by Stephen Okon, Director, Home Finance.

The ministry said the meeting was postponed due to “certain circumstances”.

“I am directed to inform you that the Federation Account/Allocation Committee (FAAC) meetings earlier scheduled to hold/virtually on the 18th and 19th May 2022 have been postponed due to/certain circumstances,” the circular reads.

“In view of the foregoing, I am to further inform you that the new date for the meetings will be forwarded to you in due course.

“While we regret the inconveniences this change might cause you, please accept the assurances of the Honorable Minister’s warm regards,” the letter read in part.

The Economic and Financial Crimes Commission (EFCC) had on Monday arrested and detained Idris over an alleged N80 billion fraud.

The Minister of Finance, Budget and National Planning, announced indefinite suspension of Idris on Wednesday.
Ahmed said the suspension “without pay” was to allow for “proper and unhindered investigation” in line with public service rules.

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