Allegation of printing N60bn to augment March FAAC false – NEC

Allegation of printing N60bn to augment March FAAC false – NEC

Oil-producing states get N31.9bn in Oct, as FAAC distributes N604.004bn

The National Economic Council (NEC) has dismissed claims that N60 billion was printed to augment the Federation Account Allocation Committee (FAAC) for March.


Mr Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, briefed State House correspondents after virtual NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa.

RELATED:  FG restates commitment to road infrastructural development

READ ALSO:Nigeria is bleeding now ― Defence minister


A state governor had recently alleged that the Central Bank of Nigeria (CBN) printed N60 billion in March to support federal allocation to states.


“Finally, council also affirmed that there was no N60 billion CBN money printed for March FACC; having heard presentations from the controversy generated regarding insinuations of alleged printing of N60 billion to augment March allocations.

RELATED:  Odumakin’s burial: Gov. Sanwo-Olu donates N5m, 3 buses – Committee


“The council affirmed that there is no truth whatsoever in the claim; the meeting reviewed the controversy and heard from the Finance Minister and the Nigeria Governors Forum (NGF) as represented by Etiki State governor and the CBN governor.

“Both the minister and the CBN governor stated categorically to the council that the allegation of printing of money to augment allocation is outrightly false.

RELATED:  Photo: Freed Kagara students and Teachers arrive Niger state government house


“The NGF also supported the conclusion and NEC affirmed same as the highest constitutional body tasked with economic affairs in the country,’’ Akande said.

Vanguard News Nigeria

The post Allegation of printing N60bn to augment March FAAC false – NEC appeared first on Vanguard News.


Receive Updates

No spam guarantee.

I agree to have my personal information transfered to GetResponse ( more information )