FG stops payment of FAAC allocation to Rivers

The federal government has disclosed that the monthly funds from the Federation Account Allocation Committee (FAAC) would no longer be paid to the Rivers State government.

This was confirmed by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa.

Mokwa said the decision is in compliance with a court order on the political situation in Rivers State.

Though the spokesperson of the AGF’s office confirmed that no state of the federation had been paid the FAAC revenue for the month of October, the government would respect the court order as it pertains to Rivers State.

“What I got is that the October 2024 FAAC has not been distributed yet. However, the Federal Government will obey the court order on the matter of Rivers State allocation,” Daily Post quoted him to have said.

The development is coming amidst the faceoff between Governor Siminalayi Fubara and his predecessor who is now the Minister of Federal Capital Territory, Nyesom Wike.

Recall that a court had ordered the Central Bank of Nigeria (CBN) and the federal government to stop the payment of FAAC revenue to Rivers State until Governor Fubara represents the state’s budget to the House of Assembly recognized by the law.

The ruling by Justice Joyce Abdulmalik of the Abuja Federal High Court also prohibited the CBN, the Accountant-General of the Federation, Zenith Bank, and Access Bank from granting Fubara access to funds from the Consolidated Revenue and Federation Account.