REVIEW AND ADOPTION
The Review and Adoption of Allocation are carried out in 2 major stages, first by a Technical Sub-committee of FAAC. This is chaired by the Accountant General of the Federation and the Accountant Generals of the 36 states, as well as relevant RGAs who collectively scrutinize the allocations, proposed deductions, proposed cost of collections and reports from the Office of Accountant General preliminary allocations. For example, this stage may involve RGAs defending their proposed cost of collections, whilst States that contributed to an RGA’s success may seek a stake in the RGA’s cost of collection. A report is then forwarded to the plenary meeting containing recommendations to be adopted.
Next, the FAAC Plenary meeting holds. This meeting receives and reviews the report of the Technical Sub-Committee which contains recommendation statements for adoption. The Plenary is Chaired by the Honorable Minister of Finance and attended by CBN, OAGF, FMFBP, RMAFC, Commissioners of Finance of the 36 states and the Secretary of Finance FCT. When the recommendation is adopted at the FAAC plenary meeting, a resolution is passed in the form of a communique.
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