Low revenue: FAAC meeting ends in stalemate

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The monthly Federation Account Allocation Committee (FAAC) meeting on Wednesday ended inconclusively.

The Director of Information, Ministry of Finance, Budget and National Planning, Mr. Hassan Dodo, anounced this after the meeting in Abuja.

He said “gentlemen of the press, there is no going to be usual briefing today because the meeting is inconclusive”

The director did not give any reason for not concluding the FAAC monthly meeting.

The FAAC meeting, which was well attended by members, lasted for several hours.

Financial experts had predicted a low revenue for February and March owing to the outbreak of coronavirus which had affected oil prices across the globe.

The international benchmark Brent crude traded at 26.01 dollars on Wednesday and fell to its lowest level since September 26, 2003.

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