Buhari intervenes on solution for faac revenue sharing controversy

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President Buhari Intervenes in FAAC Revenue Sharing Controversy

President Muhammadu Buhari has intervened in the controversy surrounding the Federation Account Allocation Committee (FAAC) revenue sharing formula, which has been a subject of disagreement among the federal government, states, and local governments.

The controversy arose when the FAAC, which is responsible for distributing revenue generated by the federal government among the three tiers of government, announced a new revenue sharing formula that reduced the allocation to states and local governments. This move was met with resistance from the states and local governments, who felt that the new formula was unfair and would negatively impact their ability to deliver services to their citizens.

In response to the controversy, President Buhari has directed the Minister of Finance, Budget, and National Planning, Zainab Ahmed, to engage with the FAAC and other stakeholders to find a solution to the revenue sharing controversy.

According to a statement issued by the President's spokesman, Femi Adesina, President Buhari has also directed the Minister of Finance to work with the FAAC to ensure that the revenue sharing formula is reviewed and a new one is implemented that is fair and equitable to all parties involved.

The President's intervention is seen as a step in the right direction, as it aims to resolve the controversy and ensure that the revenue generated by the federal government is distributed in a way that benefits all tiers of government and ultimately, the Nigerian people.

It's worth noting that the FAAC revenue sharing controversy has been a recurring issue in Nigeria, with previous disagreements leading to delays in the distribution of revenue and even court cases. Therefore, it's essential that a lasting solution is found to this problem to ensure the stability and growth of the Nigerian economy.