The Federal Accounts Allocation Committee has called for the speedy review of laws, fiscal regime, licenses and price regime of…
Browsing: FAAC
The implementation of a three-pronged financial intervention of President Muhammadu Buhari to assuage workers plight and support the states is…
He said the distributable statutory revenue for the month was N427.6 billion, comprising N35.5 billion from SURE-P and N6.3 billion refunded by Nigerian National Petroleum Corporation to the Federal Government
He said that the shared amount comprised statutory revenue of N463.7 billion, N35.5 billion Subsidy Reinvestment and Empowerment Programme funds and N6.3 billion refunded by Nigerian National Petroleum Corporation
Otunla said: “The distributable statutory revenue for the month is N533.75 billion, which is less than the N534.91 billion that was shared for the month of March
This was just as state governments, through their Commissioners for Finance, demanded for the removal of fuel subsidy and for the proceeds to be allocated directly to the states
The commissioner said that if funds were readily available on schedule, revenues would be promptly shared to enable all tiers of government carry out their responsibilities
At the same time Ms. Green emphatically stated that “not all revenues collected by NNPC are paid directly into the accounts of
Federal Allocation with the Central Bank of Nigeria. Some are paid
into the accounts of the relevant government agencies, like the
Federal Inland Revenue Services and the Department of Petroleum
Resources, with the CBN. But eventually, all these payments are credited to the accounts of Federation Accounts Allocation Committee,FAAC
that the Minister has deliberately failed and or refused to sincerely brief the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Dr. Goodluck Ebele Jonathan (GCFR) on both the accurate and informed realities of the States, Local Governments and the demands of the Honourable State commissioners of Finance which include in increased cost of funding security; pileup project and salary bills and other incidental debts
It said the Federal Government also pledged the payment of the outstanding N75 billion shortfalls owed the federation by the Nigeria National Petroleum Corporation
The Minister of State, Finance, Yerima Ngama, who spoke with newsmen after the meeting, put the gross revenue for the month of March at N595.7 billion
The commissioners, who traveled from the 36 states of the federation to Abuja, could not control their anger as they said unprintable things about the person of the Minister, Ngama