The Federation Account Allocation Committee (FAAC) has indefinitely postponed its meetings for February 2025, citing unresolved financial disputes. Ali Mohammed, FAAC secretary, 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,” Mohammed stated in a letter to FAAC members.
He assured members that a new date for the meeting would be communicated later. “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,” he added.
Mohammed also conveyed the Ministry of Finance’s regret for any inconvenience caused by the postponement. “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,” he said.
The postponement follows reports earlier in the day that the FAAC meeting, originally scheduled for Wednesday, did not take place due to a dispute between state governments and the Nigerian National Petroleum Company (NNPC) Limited over outstanding remittances.
State governments have reportedly decided to boycott the meeting until the NNPC remits an estimated N1.7 trillion in revenues from November 2024, when the petrol subsidy was fully removed.
The dispute has raised concerns over potential delays in revenue disbursement to states, which rely on FAAC allocations for budgetary commitments.
