Federal Accounts Allocation Committee

The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue.

The Federal Accounts Allocation Committee which distributes monthly allocation to the three tiers of government, is to release the sum of N3,295,247,595.34 to the Kwara State Government for the month of January.

Mr. Festus Keyamo has reacted to a statement by Kola Ologbondiyan, who said that the Peoples Democratic Party (PDP) presidential candidate for the 2019 general elections, Atiku Abubakar, if elected in 2019, would jail “all looters” of public treasury under the President Muhammadu Buhari-led government.

The party said the discovery has “not only exposed the shameless hypocrisy of the Buhari Presidency, but also stripped it of all integrity and brought its deceptive saintly posturing to a disgraceful end”.

There was jubilation in Abakaliki, the Ebonyi State capital, on Friday as civil servants in the state started receiving alerts for their July salaries despite the inability of the Federation Accounts Allocation Committee (FAAC) to release both the June and July allocations to states.

Governor Nyesom Wike of Rivers State has said that his administration was able to pay the salaries of civil servants for June 2018 without releases from the Federal Accounts Allocation Committee, FAAC, because of careful financial engineering.

Despite the deadlocked Federal Accounts Allocation Committee meeting over disputed payments into the federation purse, the Kwara State Government on Friday commenced payment of June salaries to state workers.

Chairman of Zenith Bank Plc, Mr Jim Ovia, has expressed his desire to see Mr Akinwunmi Ambode re-elected as governor of Lagos State in 2019, hinging his position on what he sees as impressive performance in the last three years.

Mr Ahmed Idris, Accountant-General of the Federation, said the Federal Government, States and Local Governments shared N558.082 billion in October compared to N637.704 shared in the previous month.

The refund of the excess paid by States on the Paris Club loan has been described as the rights of the States and not a privilege.