The Federal Government and state governors in the country have reached an agreement to resolve all lingering issues on the Federation Account.
Last week, States Commissioners of Finance walked out of the Federation Accounts Allocation Committee (FAAC), citing insincerity by the FG.
As part of the agreement between the centre and states, a commitment to settle the arrears of the Federation Accounts Allocation Committee payments has been agreed.
In a statement by Paul Nwabuikwu, Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, a committee has been set up by President Goodluck Jonathan to resolve the issues.
The Committee is headed by Governor Isa Yuguda of Bauchi. Other members of the committee include the Governors of Delta, Anambra and Gombe.
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala; the Minister of State, Finance, Dr. Yerima Ngama; the Accountant General of the Federation, Mr. Jonah Otunla and the DG Budget Office of the Federation, Dr. Bright Okogu are also members of the Committee.
The committee also resolved to tackle the root causes of the revenue challenges facing the country including illegal bunkering and oil theft in a decisive and sustainable manner.
The statement read in part: “The meeting which was held in a positive and constructive atmosphere reaffirmed the determination of the Federal Government and the Governors to continue working together for the common good of the country.
“To underscore the commitment reached at the meeting, it was also resolved that FAAC meeting will reconvene immediately.”