The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed has come out to say that revenue distributed at Federation Account Allocation Committee (FAAC) is generated by Federal Government agencies.

She recently revealed this while fielding questions from State House correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

According to her, the recent allegations by Gov. Godwin Obaseki of Edo that Central Bank of Nigeria (CBN) printed N60 billion in March to support federal allocation to states are very false and misinforming.

She added that Obaseki’s words were indeed very sad and factless, and he should refrain from spreading lies in the future.

Her words, “The issue that has been raised by the Edo State Governor for me is very, very sad because it is not a fact.”

“What we distribute at FAAC is revenue that is generated and the FAAC revenue distribution is public information and we publish it.”

“So, it is the revenue generated by the FIRS, the Nigeria Customs Service (NCS), and the NNPC that we distribute at FAAC. So, it is not true that we printed money to distribute at FAAC.’’

“So, our debt currently at 23 per cent to Gross Domestic Product (GDP) is at a very sustainable level.”

“You can look at the reports that you see from multilateral agencies; those facts are stated.”