Asad Umar to chair NFC meeting today in Lahore

F.P. Report

LAHORE: Federal Finance Minister Asad Umar will preside over meeting of the ninth National Finance Commission (NFC) award, on Friday (today).

According to details, the NFC will be attended by the chief ministers and the finance secretaries of all provinces to discuss better distribution of national resources under the new award.

Yesterday, 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.

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.