A constitutional lawyer, Oba Maduabuchi (SAN) has called on the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) to direct the Federal Accounts Allocation Committee (FAAC) to stop the monthly allocations to local government areas with appointee chairmen. The call follows Malami’s recent statement that the operation of caretaker committees at […]
The Federation Account Allocation Committee (FAAC) has distributed a total of N788.139 billion to the Federal Government, State Governments and Local Government Councils for the month of October, 2018. The communiqué issued by the Technical Sub -Committee FAAC at the end of the special session held in Kaduna, after the 2018 National Council on Finance […]
The Federal Government has received the sum of N904.8 billion, the largest amount disbursed by the Federation Account Allocation Committee (FAAC) from the N2.28 trillion revenue shared in Q3 2018. The revenue shared is the highest in 2018 within Q1 and Q3, while the FG got N904.8 billion, states shared N718.5 billion and Local governments […]
…We paid N128bn into federation account in August –NNPC Indications are rife that the National Economic Council (NEC) and the Federation Allocation Accounts Committee (FAAC) approved the use of Nigeria Liquefied Natural Gas dividends for the financing of the petroleum products importation. One of the members of FAAC, who revealed this on condition of anonymity […]
The Federation Account Allocation Committee (FAAC) had distributed a total of N648.710 billion to Federal, States and Local Government Areas for the month of September 2018. The gross statutory revenue for the month was N569.281 billion, which was lower than the N627.139 billion shared for August by N57.858 billion. Chairman of FAAC and Minister of […]
State governments have raised concern over the quantum sum that goes to the Federal Inland Revenue Service (FIRS) as its four per cent monthly cost of collection, demanding that the Federation Account Allocation Committee (FAAC) should review the law to enable the 36 states get a portion from the pertange. The states argued that they […]
The Nigerian National Petroleum Corporation (NNPC) revenue temple authorised as panacea to resolving federation revenue skirmish will be ready at the next Federation Account Allocation Committee (FAAC) meeting. The development came just as the three tiers of government comprising Federal Government, states and 774 local councils on Thursday night shared total revenue of N 714.809 […]
The Federation Account Allocation Committee (FAAC) has distributed a whopping N821.9billion to the three tiers of government for the month of June, barely a week when it shared N668.8 billion to the three Federal, States, and Local Government Areas. Giving a breakdown of the allocation on Friday for the month of June, the Chairman of […]
…Retains lending rate for 12th consecutive time …Wants banks to lend at 9% to real, agric sectors The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has advised the Federal Government to save for the rainy day especially now that the price of crude oil is relatively high, adding that the increased […]
Again, the Federation Account Allocation Committee (FAAC) on Tuesday ended its meeting abruptly as the factors leading to the deadlock in the May distribution of accrued revenue, especially the propriety of remittances from the Nigerian National Petroleum Corporation (NNPC) is yet to be resolved. The Daily Times gathered that the NNPC did not remit the […]
The stand off between Federation Account Allocation Committee ( FAAC) and the Nigerian National Petroleum Corporation( NNPC) may not end soon until the latter pays in to federation account, the correct amount. Addressing the media Saturday in Abuja, Chairman, Forum of Finance Commissioners, Mallam Mahmoud Yunusa explained that, ” based on all provable assumption parameters, […]
The Peoples Democratic Party (PDP) has blamed the deadlock at the Federation Accounts and Allocation Committee (FAAC), meeting for which workers may not get their June salaries on time to President Muhammadu Buhari’s handling of events in the country. The party noted that the entire problem at FAAC stems from the fact that President Buhari […]
…N147bn June remittance justifiable – NNPC Following the inability of the Federation Account Allocation Committee (FAAC) to distribute the accrued revenue for the month of May 2018, due to discrepancies in figures from the Nigerian National Petroleum Corporation (NNPC), the Minister of Finance, Mrs. Kemi Adeosun, has said that the federal government will not accept […]
…Shares N701bn to FG, States, LGAs for April The Federation Account Allocation Committee (FAAC) has added N24.5billion to the Excess Crude Account (ECA) after two years of non-remittance to the ECA despite steady increase in the price of oil sales over the year and its all time high of $80 per barrel since November 2014. […]
The 36 states of the federation have so far withdrawn about 593.1 billion from the Federation Account as revenue generated in the first quarter of 2018. The breakdown is contained in the monthly Federation Account Allocation Committee (FAAC) report obtained by the News Agency of Nigeria (NAN) on Sunday in Abuja. The key agencies that […]
* State governors meets top officials of NNPC Strong indications have emerged about the possibility of delay in the April salary of civil servants nationwide as the Federation Account Allocation Committee ( FAAC) session abruptly adjourned on Wednesday over the failure of the Nigerian National Petroleum Corporation (NNPC) to remit accurate returns to the federation […]
…Says workers will get salary before Easter …Presides over FAAC meeting as FG, states, LGAs share N647.39bn …3 tiers of Govt receive N11.836bn payments higher than previous month An intensive meeting between state governors and Minister of Finance, Mrs. Kemi Adeosun, has averted Federation Allocation Account Committee (FAAC) impasse which was induced by Nigerian National […]
…We won’t distribute funds until NNPC remits accrued revenue-AGF …Finance minister summons another FAAC meeting today …FG, states, LGAs to share N647.3bn for February Unless something urgent is done to resolve the inconclusive Federal Account Allocation Committee (FAAC), most civil servants in the country may have to spend the Easter celebration without salaries as the […]
…As FG redeems $413m T.bill from Eurobond Trading at the overnight lending rate dropped by 242 basis points last week to 10 per cent, against prior week’s close of 12.42 basis points, as system liquidity, increased to N359.72 billion on average. Even as the Federal Government of Nigeria through the Debt Management Office (DMO), has […]
. FG N2.564trn, states N1.859trn, LGAs N1.502trn . Non-oil revenue, rising oil prices impacted – NEITI The Federation Account Allocation Committee (FAAC) disbursed a total sum of N6.418 trillion in 2017. This showed an increase of 25.8% and 6.8% when compared to total disbursements of N5.1trn and N6.011 trn in 2016 and 2015, respectively. A […]