Finance minister chairs NFC meeting in Lahore

LAHORE: Finance Minister Asad Umar on Friday chairing the meeting of the ninth National Finance Commission (NFC) award, in Lahore, ARY News reported.

As per details, the meeting was attended by chief ministers and finance ministers of Punjab, Khyber Pakhtunkhuwa and Balochistan, whereas Sindh Chief Minister Syed Murad Ali Shah did not attend the meeting.

The meeting discussed better distribution of national resources under the new award.

On Thursday, Punjab Finance Minister Hashim Jawan Bakht had said, important decisions will be taken in NFC meeting.

Earlier, Speaker Balochistan Assembly Abdul Qudus Bizenjo had demanded of the federal government to enhance its share in the National Finance Commission (NFC) Award.

“A mere Rs3 billion are earmarked for the country’s largest province.”

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The last NFC award was signed in December 2009 that drastically increased the provincial share from the divisible pool.

On January 12, President Dr Arif Alvi had reconstituted the ninth National Finance Commission (NFC) to formulate a new resource distribution formula between the Centre and federating units.

The NFC Award is a constitutional obligation. It is clearly indicated in the Article 160 of the “Constitution of Islamic Republic of Pakistan, 1973” that it has been made mandatory for the government to compose NFC Award at an interval extending not more than five years for the amicable resource distribution among the federation and its respective units.