FAAC: FG did not print N60 billion to augment FAAC – Finance Minister

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The Nigerian Government has stated that the claim made by the Edo State Governor, Godwin Obaseki, that N60 billion was printed as top-up for the Federation Account Allocation Committee (FAAC) in the month of March is untrue.

This was disclosed by the Minister of Finance, Zainab Ahmed, at the Federal Executive Council (FEC) meeting in the State House, Abuja on Wednesday.

“The claim by the Edo State Governor that we printed money to distribute at FAAC is very sad, because it is NOT a fact,” she said.

“What we distribute at FAAC is revenue that is generated by NNPC, FIRS, Customs… It is not true to say we printed money to distribute at FAAC,” she added.

In case you missed it 

  • The Edo State Governor stated last week that the FG had printed an additional N60 billion as top-up for FAAC in March 2021.
  • “In another year or so, where will we find this money that we go to Abuja to share every month? Last month, we got FAAC for March. The federal government printed an additional 50 to 60 billion to top-up for us to share,” he said.

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