Okonjo-Iweala Finally Agrees: Our Economy Is Having Troubles

                    

The crisis arising from shortage of revenue to the Consolidated Revenue Fund, which led to a deadlock in the Federation Accounts Allocation Committee (FAAC) meeting last week, has deepened: there was still no money to share to the three tiers of government on Monday.

The FAAC meeting, which reconvened after penultimate Friday’s failed attempt, could still not hold due to lack of funds in the federation account for distribution to the three tiers of government. But the Minister of Finance, Ngozi Okonjo-Iweala had earlier said "I dey kampe".

The 36 state finance commissioners were invited to the meeting on Monday only to be told by the accountant-general of the federation (AGF), Mr Jonah Otunla, who presided over the meeting, that there was still no money to share. There is serious confusion.