U17 World cup winner, Nwakali may switch allegiance, says Agent Farming, skill acquisition, solutions to security challenges- ex-NCPC boss Malami donates car, 24 motorbikes to Ulamas Norway may ditch AstraZeneca, Johnson & Johnson jabs I don’t have links with bandits, say retired Gen. Abdulsalam Abubakar Amaechi inaugurates 11-member committee to probe activities of NPA India’s IT hub Bengaluru, rural areas struggling with virus surge NiMet predicts 3 days cloudiness, sunshine Minister Lauds Lalong for sports development initiatives Senate says MDAs yet to remit over N3trn FG committed to workers’ welfare – APC Scribe Gov. Bello calls for prayers to end insecurity Edo revenue board warns against illegal tax collection Tackling youth unemployment By Timi Olubiyi COVID-19: Buhari cancels Sallah homage to Presidential Villa PEF to encourage petroleum products transport by rail Bird flu: Hong Kong suspends import of poultry products from Poland General Abdulsalami Dismisses News Linking Him To Purported Arrested Helicopter Education board trains 600 Ekiti teachers FRSC solicits motorists’ support to minimise crashes Rugby Africa Women’s Sevens Solidarity Camp Tunis – Final report of the two-day tournament Neymar extends PSG deal until 2025 Ogun Govt., Private Firms Empower 100 Youths Coronavirus – Nigeria: COVID-19 case update (May 8, 2021) Okowa mourns ex-minister Aisha Alhassan Ogun Govt. Re-Affirms Commitment To Boost Agric Sector UNIBEN warns admission seekers against racketeers Video press release: Rugby Africa 7-a-side solidarity camp – Day 2 “I believe in united Nigeria, not secession” — Umahi Walscheid takes the 8th place of the Qhubeka ASSOS team during the first stage of the Giro d’Italia US, foundation empower school girls with technological skills Gunmen attack police stations in Rivers kill 7 officers Police arrest 8 suspected kidnappers in Osun INEC engages stakeholders on polling points’ conversion in Oyo Opening remarks by the WHO DG at African emergency meeting on the COVID-19 situation Coronavirus – Zimbabwe: COVID-19 update (May 7, 2021) Ramadan: RMAFC Chairman Mbam urges Nigerians to be tolerant, brothers’ keepers B-roll: African rugby teams meet to prepare for the Olympics and Olympic draft – Day 1 Troops foil kidnap attempt, kill 1 bandit in Kaduna D’banj leads Nigeria to Motorsport Championships Super league – FIFA chief Infantino: “We need to face the problems in football together” Forum tasks FG on MSMEs growth Video press release: Rugby Africa Sevens Solidarity Camp: All matches will be broadcast live Saturday and Sunday on Rugby Africa’s Facebook page and Rugby Africa’s YouTube channel APC will take over Rivers Govt House in 2023- State Chairman Coronavirus – Nigeria: COVID-19 case update (May 7, 2021) FRSC enjoins passengers to caution reckless drivers Coronavirus – Daily update of the state of COVID-19 statistics in Zambia (May 7, 2021) Atiku mourns ex-Minister of Women Affairs, Alhassan Bird flu: Bauchi govt. kills about 27,000 birds to curtail spread Heirs Oil & Gas announces the appointments of its CEO and Board of Directors
"FAAC News"
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Features2 weeks agoCBN and the regulatory role of “printing money”
CBN and the regulatory role of “printing money” By Kadiri Abdulrahman of the News Agency of Nigeria (NAN)“Government’s printing of Naira simply means loans advanced to states to pay salaries and survive; and not the literal interpretation of printing money from the factory and sharing to the public,” according to Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN). It was Emefiele’s initial reaction to a recent comment by Gov. Godwin Obaseki of Edo that the CBN printed about N60billion to augment Federal Account Allocation Committee (FAAC) subvention to states in March. Speaking at the Edo Transition Committee stakeholders engagement, Obaseki had raised concern that the step the apex bank took was an indication that the Nigerian economy was ailing. The Edo governor said: “when we got FAAC for March, the Federal Government printed additional N50billion to N60billion to top-up for us to share. This April, we will go to.
- General news3 weeks ago
APC Governors disown Obaseki over currency printing allegation
By Emmanuel Mogbede The Progressive Governors Forum (PGF) has refuted Gov. Godwin Obaseki of Edo’s claims that the federal government printed between 50 and 60 billion naira in March. The forum, in a statement by its chairman, Governor Abubakar Bagudu of Kebbi on Sunday in Abuja, said Obaseki’s claims did not reflect the true position of things. Obaseki had claimed that the federal government had printed the amount to make up for the shortfall in the distribution of the federation’s revenues to the three levels of government in March. But Bagudu said at first, the impression the forum got was that it was an unofficial remark made in a private meeting by Obaseki. He said, however, that the forum was shocked to see another response from Obaseki to the finance minister’s rebuttal, insisting that the March 2021 FAAC was increased via currency printing. “Considering the importance of the statement by.
- Economy4 weeks ago
FG refutes Obaseki’s claims about the state of the economy
By Chijioke Okoronkwo Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, said the revenues distributed to the Federation Accounts Allocation Committee (FAAC) are generated by federal government agencies. The minister answered questions from State House correspondents after the meeting of the Federal Executive Council (FEC) chaired by Vice-President Yemi Osinbajo on Wednesday at the Presidential Villa in Abuja. She criticized recent allegations by Governor Godwin Obaseki of Edo that the Central Bank of Nigeria (CBN) imprinted N60 billion in March to support the federal allocation to states. The governor also reportedly said the economy was in dire straits due to the huge debt burden. “The question that was raised by the Governor of Edo State for me is very, very sad because it is not a fact. “What we distribute at FAAC is the income generated and the distribution of FAAC income is public information and we publish.
- General news1 month ago
NLC shelves planned strike in Kano over salary cut
By Abbas Bamalli The Nigerian Labor Congress (NLC) has suspended its previous plans for a three-day warning strike against the Kano state government’s alleged plans to revert to the 18,000 naira minimum wage. The strike was due to start on Thursday. The suspension was announced by the Union’s national vice president Mr. Najeem Yasin during a briefing to reporters Thursday in Kano. The union recalled that the state government withheld workers’ wages in March. According to him, the decision to suspend the strike and the peaceful demonstration followed the agreement reached on Wednesday between the Kano state government and the unions. “The meeting was called at the request of Governor Abdullahi Ganduje with representatives of the National President of the NLC, Mr. Ayuba Wabba and other labor officials. “The state government revealed that it did not intend to revert to paying the old N18,000 minimum wage as speculated, and reiterated.
- Economy5 months ago
Gov. Bello attributes November salary cut on FAAC shortfall
Gov. Abubakar Bello of Niger has called for the understanding of the state civil servants and political appointees over the November salary cut. He attributed the cut to the short fall from the Federation Accounts Allocation Committee (FAAC) as well as Internally Generated Revenue (IGR) of the state. Bello, in a statement by Mrs Mary Noel-Berje, his Chief Press Secretary in Minna on Thursday, described the situation as unfortunate especially now that the economy was hitting hard on people due to recession. He, however, said the decision was temporal and was hopeful that soonest the situation would improve. Bello attributed the short fall to the present poor economic disposition of the country, adding that the situation was not peculiar to the state. He noted that he was not unaware that a labourer deserves his full wage hence his administration would expedite actions toward improving IGR of the state so as.
- Economy6 months ago
Bayelsa bemoans drop in federal allocation
The Bayelsa Government on Monday lamented the decline in revenues accruing from the Federation account while announcing its income and expenditure profile for the months of August, September and October 2020. Presenting a breakdown of the figures for the three months in Yenagoa, the Commissioner for Finance, Mr Maxwell Ebibai, disclosed that the state received a gross inflow of N12.8 billion for August. The News Agency of Nigeria reports that the transparency briefing is a monthly ritual, initiated by the former Governor, Seriake Dickson’s Administration and by Law in the state. He explained that the amount consisted statutory allocation of N3.14 billion, derivation N8.8 billion, VAT N1.97 billion and refund for Pay As You Earn (PAYE) N636 million. Ebibai also noted that deductions from the Federation Allocation Accounts Committee (FAAC) was N1.007 comprising foreign loans to the state while the federal government recovery was N42.171 million, restructured commercial loan N741.156.
- Oil & Gas6 months ago
FAAC disburses N2.054trn in Q3 2020 – NEITI
The Nigeria Extrative Industries Transparency Initiative (NEITI) said the Federation Account Allocation Committee (FAAC) had disbursed N2.054 trillion to the three tiers of government and other statutory recipients in the third quarter of 2020. NEITI disclosed this in the latest edition of Nigeria Extractive Industries Transparency (NEITI)’s Quarterly Review released in Abuja on Tuesday. It said the disbursements were made in spite of COVID-19 pandemic and its attendants socio-economic consequences. A breakdown in the review showed that the Federal Government received N812.22 billion; state governments received N676.5 billion, while local government areas got N429.16 billion. This, it said, was the first time that total disbursement had exceeded N2 trillion for a quarter in 2020. It said that the review analysed FAAC disbursements in the third quarter of 2020, using data from the National Bureau of Statistics and the Revenue Mobilization, Allocation and Fiscal Commission. “Total disbursements of N2.054 trillion in.
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Oil & Gas8 months agoFAAC: FG, States, others share N3.88trn in 6 months – Report
The Federation Accounts Allocation Committee (FAAC) shared N3.879 trillion to the Federal Government, states, local government areas and other statutory recipients in the first half of 2020. This was contained in the latest edition of the quarterly report on the review of the Nigeria Extractive Industries Transparency Initiative (NEITI) released in Abuja, on Tuesday. A breakdown of the disbursements showed that N1.53 trillion went to the Federal Government, while the states got N1.29 trillion and the 774 local government areas received N771.34 billion The N1.53 trillion received by the FG in H1 2020 was 4.28 per cent lower than the N1.599 trillion it got in the first half of 2019 and 7.36 per cent lower than the N1.652 trillion it received in the first half of 2018. “For states, a total of N1.29 trillion was disbursed in the first half of 2020. “This was 2.8 per cent lower than the.
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Oil & Gas8 months agoDPR generates N673.7bn revenue in 1st half of 2020
The Department of Petroleum Resources (DPR) has generated a total sum of N673.7 billion in the first half of this year. Its Spokesman, Paul Osu, said in a statement that the Director of DPR, Mr Auwalu Sarki, disclosed this during the visit of the Federation Allocation Accounts Committee (FAAC) Post-mortem Sub-Committee to the department on Wednesday. The FAAC delegation was led by the Chairman of the committee, Mr Kabir Mashi. He said that DPR was a revenue collection agency for revenues accrueable to government from oil and gas industry operations and assured that the agency would surpass its revenue target for 2020. According to him, DPR operates a cashless revenue system which enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account (TSA) policy of government. He said DPR conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure.
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Economy9 months agoAbuse of incentive scheme has led to revenue leakages — FIRS
The Federal Inland Revenue Service (FIRS) says a systemic abuse of the pioneer incentive scheme instituted by the Federal Government has led to tax revenue leakages for the three tiers of government. Mr Abdullahi Ahmad, the Director, Communications and Liaison Department said this in a statement issued in Abuja on Friday. Ahmad said the Executive Chairman, Mr Muhammad Nami said this when he received states Commissioners of Finance who visited him in his office in Abuja. Nami pledged to block the tax revenue leakages in order to generate more revenue for the three tiers of government. According to him, the tax revenue accounts for nearly 70 per cent of what have been shared at the last FAAC meeting and lauded the collaboration between the service and the States Commissioners of Finance. This Nami, said was key to bringing about increase in tax revenue. He added that without this collaboration, it.
