Business Headlines

Revenue template for NNPC ready, FAAC shares N714.8bn to FG, States, LGAs

Ihesiulo Grace 31 August 2018 0

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

Business Headlines

FG, states, LGAs share N821.9bn as Buhari orders review of NNPC’s remittance

Ihesiulo Grace 28 July 2018 0

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 […]

Business Headlines

Save for rainy days, MPC tells FG

Ihesiulo Grace 25 July 2018 0

…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 […]

Business Headlines

Again, FAAC fails to share allocation as NNPC withholds funds

Ihesiulo Grace 11 July 2018 0

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 […]

Business News

NNPC shortchanged federation account with N20.6bn in taxes -Finance Commissioners Forum

Ihesiulo Grace 2 July 2018 0

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

News Nigeria

Buhari’s inaction responsible for FAAC deadlock- PDP

Ihesiulo Grace 29 June 2018 0

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 […]

Business Headlines

FAAC: We can’t accept less from NNPC, Adeosun insists

Ihesiulo Grace 29 June 2018 0

…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

Business Headlines

2 years after, FAAC adds N24.5bn to Excess Crude Account

Ihesiulo Grace 24 May 2018 0

…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. […]

Business Headlines

How states withdrew N593bn from federation account in 3 months

Ihesiulo Grace 13 May 2018 0

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 […]

Business Headlines

FAAC suspends April distribution over NNPC failure to remit funds

Ihesiulo Grace 26 April 2018 0

* 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 […]

Headlines News

FAAC: Finance Minister confirms Daily Times story

Ihesiulo Grace 29 March 2018 0

…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

Headlines News

FAAC controversy: Civil servants face bleak Easter unless…

Ihesiulo Grace 28 March 2018 0

…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

Money

Overnight lending rate drops by 10%

Ihesiulo Grace 5 March 2018 0

…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 […]

News

FAAC’s disbursements increased by 25% to N6.41trn in 2017

Ihesiulo Grace 23 February 2018 0

. 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 […]

Business Headlines

FAAC declines by N20bn as FG, States, LGAs share N635bn for Jan

Ihesiulo Grace 23 February 2018 0

*NEITI: 3 tiers of govt shared N6.41trn in 2017 The Federation Account Allocation Committee ( FAAC) has distributed N635.554billion to the Federal Government, 36 States and Local Government Areas as allocation for January 2018. The development showed a decline of about N20billion as the three tiers of government shared N655billion in December 2017. The FAAC […]

Business Headlines News

Revenue drops by N127bn as FG, states, LGAs share N558bn

Ihesiulo Grace 25 October 2017 0

Mathew Dadiya and Samiat Oduwole, Abuja The total revenue accrued to the Federation Account Allocation Committee (FAAC), has dropped significantly by N127.023 billion, just as the FAAC on Tuesday, distributed N558bn to the three tiers of government for the month of September 2017. Chairman of FAAC and Minister of Finance, Mrs. Kemi Adeosun, while addressing […]

Business Headlines

NNPC did not remit N3.88trn to FG in 2015- Audit report

Ihesiulo Grace 5 September 2017 0

Cumulative unremitted revenue from domestic crude oil sales by the Nigerian National Petroleum Corporation, NNPC, stood at about N3.878 trillion as at December 31, 2015, a report by the technical sub-committee of the Federation Accounts Allocation Committee, FAAC, has revealed. The report, which formed part of the submissions in the 2015 Annual Audit Report of […]