The House of Representatives has stepped down a motion seeking to investigate N15 trillion unaccounted statutory allocation revenues.
The motion was sponsored by the member representing the Darazo/Ganjuwa Federal Constituency of Bauchi State, Mansur Manu Soro, on Thursday.
Mr Soro raised concerns over the non-adherence to the constitutional provisions in the disbursement of revenues accrued to Federation Account Allocation Committee, FAAC, to state and local government councils.
The motion had noted that Section 162 [3] of the Constitution of the Federal Republic of Nigeria, 1999 [as amended] provided that “any amount standing to the credit of the Federation Account shall be distributed among the Federal and State Governments and the Local Government Councils in each State on such terms as may be prescribed by the National Assembly.”
He, however, said instead of complying with constitutional provisions, the FAAC introduced a revenue savings policy in managing revenues collected in the distributable policy account.
He said, “The Federation Account Allocation Committee, FAAC, has hinged its decision on the need to minimise the impact of increased revenues on the money supply and inflation caused by the unification of exchange rates and fuel subsidy removal”
While expressing his, concern, the lawmaker noted that the Federation Account Allocation Committee, FAAC, has saved an estimated 15 trillion Naira from the distributable pool account over the last 20 months in statutory revenues due to the federal, state, and local government areas with no clear guidelines and updates on the amounts standing in credit to the federal government, the 36 states, and the 774 local government councils.
He added that “the introduction of the new savings policy is not backed by any legal framework on how the saved funds, accruing interest, and investment will be managed or distributed to the three tiers of government.
But midway into reading his motion, some colleagues approached Mr Soro and had a brief conversation with him.
After conversing with them silently, Mr Soro announced the withdrawal of the motion.
