FG did not print extra N60bn for states in March- Finance Minister

According to her, monies distributed at Federation Account Allocation Committee (FAAC) are internally generated revenue.

Finance Minister Zainab Ahmed 1

The Minister of Finance, Budget, and National Planning, Zainab Ahmed has debunked claims by Edo state Governor, Godwin Obaseki that FG, through CBN printed an additional N50bn to N60bn to make up for state allocations.

The Minister said this on Wednesday at a briefing after the 41st virtual Federal Executive Council meeting chaired by the Vice President, Professor Yemi Osinbajo at the State House.

She described the governor’s claim as very sad and untrue.

According to her, monies distributed at Federation Account Allocation Committee (FAAC) are revenues generated from the Federal Inland Revenue Service (FIRS), Nigeria Customs, Nigerian National Petroleum Corporation (NNPC), etc., adding that revenue distribution is information that can be publicly accessed.

“The issue that was raised by the Edo State Governor, for me, is very sad because it is not a fact.

“What we distribute at FAAC is revenue that is generated and in fact, distribution revenue is public information. We publish revenue generated by FIRS, the Customs, and the NNPC and we distribute at FAAC.

“So, it is not true to say we printed money to distribute at FAAC. It is not true,” she said.

Obaseki who alleged this, and many other fears concerning Nigeria’s fast rising debt profile and style of governance is yet to respond. You can see the report here.

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