Federation Account Allocation Committee meeting convened to consider statutory revenue for February ended in a stalemate on Wednesday.

The meeting which would have enabled the committee to allocate revenue to the three tiers of government came to an abrupt end after about three hours of deliberations.

The meeting, held at headquarters of ministry of finance started at 5pm and ended around 8.37pm.

It was presided over by Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and attended by commissioners of finance from the 36 states of the federation.

It also had in attendance Accountant General of the Federation, Mr Ahmed Idris, representatives of Revenue Mobilisation Allocation and Fiscal Commission, Federal Inland Revenue Services, and Nigeria Customs Service.

Director of Press at Federal Ministry of Finance, Mr Hassan Dodo, told journalists that the meeting was inconclusive, without giving details.

An official in the ministry told our correspondent members of the committee could not agree on the amount presented for sharing by the revenue generating agencies.

It was learnt that the amount presented for sharing was far below what members were expecting to be shared by the three tiers of government.

Another official told our correspondent that since the committee could not agree on the amount to be shared, the issue will be taken to National Economic Council meeting scheduled to hold on Thursday.

The council is chaired by Vice President Yemi Osinbajo, and has the mandate to advise the President on economic affairs of the federation.

Membership of NEC comprises the 36 state governors, governor of Central Bank of Nigeria and other co-opted government officials.

The bulk of the revenue that comes into the federation account for sharing by the three tiers of government is from crude oil sale.

The price of Brent crude tumbled to $24 on Wednesday, the lowest level in 16 years, as global markets continued to respond to the price war between Saudi Arabia and Russia amid the spread of the coronavirus pandemic.

With the oil price now more than 50 per cent lower than Nigeria’s budget benchmark, the country’s oil-dependent economy has come under more pressure.

Punch