FAAC Meeting Postponed Amid NNPC Remittance Dispute.
The Federation Accounts Allocation Committee (FAAC) meeting scheduled for Wednesday has been postponed due to a dispute between state governments and the Nigerian National Petroleum Company (NNPC) Ltd. over unpaid remittances.
State governments boycotted the meeting, insisting that NNPC must first settle outstanding revenues amounting to approximately N1.7 trillion. These funds have been pending since the full removal of the petrol subsidy in November 2024. It remains unclear whether the meeting will be rescheduled later this week.
This development follows President Bola Tinubu’s remarks during a recent presidential television interview, where he stated that the federal government no longer relies on NNPC for financial obligations.
A senior NNPC official, speaking to TheCable, explained that the company’s cash flow is constrained due to financial commitments, including crude oil swaps and forward contracts, which are essential for sustaining its operations.
