(http://peoplesdailyng.com/wp-content/uploads/2013/02/Okonjo-Iweala.jpg) (http://peoplesdailyng.com/wp-content/uploads/2013/02/Okonjo-Iweala.jpg)By Abdulwahab Isa
Chairman of Federation Accounts Allocation Committee (FAAC) and Minister of state for Finance Dr. Yerima Lawal Ngama, has attributed shortage of revenue accruing to the federation coffers as the core issue threatening cohesion of FAAC.
Speaking yesterday in Abuja for the first time aftermath of last week's boycott of FAAC meeting by states' Commissioners of finance, Ngama brushed aside purported agreement Commissioners claimed he (Minister) reneged implementing saying there was never an agreement.
"There is nothing like an agreement. The main issue is, we have shortages in the revenue.
"So, the amount that was available statutorily is reduced to three tires of the government including the Federal Government.
"We don't have enough because there is a shortfall. The timing is the issue."
The Federal Government, at the wake of last week's crisis that rocked FAAC meeting set up a Presidential Committee chaired by Bauchi state Governor, Mallam Isa Yuguda to step in to the matter and resolve the issue.
Speaking after a closed door session of the Committee, Bauchi State Governor Isa Yuguda said an agreement had been reached to clear all outstanding issues affecting FAAC.
"This Committee was set up following the slight disagreement between our Commissioners of Finance and Minister of State for Finance who chairs FAAC. An agreement has been reached on the Federation Account on all outstanding issues. Part of these, is a commitment to settle the arrears of the Federation Account. We also resolved to look at the revenue generating sources especially oil bunkering and oil theft in a decisive and sustainable manner" Yuguda said.
In her remarks, Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala said the Committee examined cases of pending arrears yet to be cleared and the committee agreed on the need to clear them.
"This is a federation account issue. We are all in it together. It is not that the Federal Government owns it. We have agreed now what the arrears are, and how much they are and we are going to clear them", she adds.
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