An agreement has been reached on the Federation Account and a commitment to settle the arrears of the Federation Accounts Allocation Committee (FAAC) payments has been agreed.

“This was the key development from a meeting of the Committee set up by Mr. President to resolve this issue today,” says Paul C Nwabuikwu, Special Adviser to Dr. Ngozi Okonjo-Iweala, the Coordinating Minister for the Economy and Minister of Finance.

The Committee, according to him, is headed by Governor Isa Yuguda of Bauchi, with the following as members: Governors Emmanuel Uduaghan of Delta, Peter Obi of Anambra; Ibrahim Hassan Dankwambo of Gombe; Okonjo-Iweala; Minister of State for Finance, Dr. Yerima Ngama; Accountant General of the Federation, Mr. Jonah Otunla; and the DG Budget Office of the Federation, Dr. Bright Okogu.

“The Committee,” says Nwabuikwu in a statement issued this afternoon in Abuja, “also resolved to tackle the root causes of the revenue challenges facing the country including illegal bunkering and oil theft in a decisive and sustainable manner.”

According to him, “The meeting which was held in a positive and constructive atmosphere reaffirmed the determination of the Federal Government and the Governors to continue working together for the common good of the country.

“To underscore the commitment reached at the meeting, it was also resolved that FAAC meeting will reconvene immediately.”

•Photo shows President Goodluck Jonathan.