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Federation Account Allocation Committee
A consortium of consulting firms, Mauritz Walton Nigeria Limited, and Bizplus Consulting Services Limited, has asked a High Court of the Federal Capital Territory (FCT) to order the Enugu State Government to pay them the sum of N10.2billion being the debt owed them regarding the Paris Club refund.
The Niger Delta Youth Council has said its attention has been drawn to a statement credited to the Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria printed N60billion to augment funds from the Federation Account Allocation Committee shared to states in March.
As controversy over the alleged printing of N60 billion to share at the Federation Account Allocation Committee, FAAC, continues, the Nigeria Governors Forum, NGF, Monday, said that its silence on the matter was deliberate.
Minister: Nigerian government rejected governors’ request to borrow from central bank for March shortfall
The federal government turned down a request by state governors to borrow from the Central Bank of Nigeria (CBN) to augment the N50 billion federation account allocation committee (FAAC) shortfall in March.
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday weighed in on the raging controversy over whether or not the apex bank printed money to augment funds from the Federation Account Allocation Committee (FAAC) distributed to states and the Federal Capital Territory (FCT) in March.
The Federal Government on Wednesday said there was no truth in the allegation made by the Governor of Edo State that the government printed an additional N60 billion that was shared at the Federation Account Allocation Committee, FAAC.
Concerned youths drawn from the five oil and gas producing communities of Ijaw, Itsekiri, Urhobo, Isoko and Ndokwa have urged President Muhammadu Buhari to compel Delta State government to account for over N2 trillion collected as 13 per cent derivation from 2015 till date.
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy.
The federal government has said only states that have domesticated the National Chart of Accounts (NCoA) will qualify for the $1.5 billion Performance-Based Grants of the World Bank for this year.
The federal government has urged state governments to domesticate the National Chart of Accounts (NCoA) to qualify for performance-based grants under the States’ Fiscal Transparency Accountability and Sustainability (SFTAS) Programme for Results 2020 Annual Performance Assessment (APA) and COVID-19 related Disbursement Linked Indicators (DLIs) due in 2021.
The Nigerian National Petroleum Corporation (NNPC) has so far paid a total of $3.118 billion cash-call debts owed the five major international oil companies (IOCs), leaving an outstanding debt of $1.570, according to statistics released by the corporation.
The Senate Committee on Public Account on Wednesday uncovered a differential of N120 billion in the payment of subsidy to the Independent Petroleum Marketers Association of Nigeria by the Petroleum Products Pricing Regulators in 2016.
This is just as the committee, chaired by Senator Mathew Uhroghide, also uncovered how the Nigerian National Petroleum Corporation (NNPC) allegedly spent N966 billion to repair pipeline between 2010 and 2015, as contained in the report of query by the Auditor General of the Federation (AuGF) over alleged unremitted N4 trillion by NNPC into the Federation Account.
The 36 state governors in Nigeria will hold a virtual meeting on January 20 to discuss issues relating to the second wave of COVID-19.
He said that Gov. Ifeanyi Okowa of Delta, heading NGF Committee charged with the responsibility of liaising between the Presidential Task Force (PTF) on COVID-19 and the forum, would brief the meeting on COVID-19 vaccines and the way forward.
The gross revenue realised from crude oil and gas sales by the Nigerian National Petroleum Corporation (NNPC) in November 2020 rose by 37.31 percent to N223.34 billion.
The intervention by the Niger State house of Assembly on Tuesday saved the Chairman of Shiroro Local Government Area, Mallam Suleman Chukuba, from possible impeachment.
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.
The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over alleged non-remittance of N3.24tn revenue that accrued from sales of crude oil in 2014.
The Chairman, Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, Mr Elias Mbam, on Tuesday, disclosed that the federal government, its ministries and agencies, and states were owing taxes, to the tune of over N154billion.
The Federation Accounts Allocation Committee has shared a total of N682.060 billion August 2020 Federation Account revenue to the Federal, States and Local Government Councils and agencies.
The Federation Account Allocation Committee (FAAC) at the weekend shared a total of N651.184 billion as June 2020 allocation among the federal, states, local governments, and relevant agencies in the country.
Voters in an opposition stronghold turned en masse to British Prime Minister Boris Johnson's Conservatives, boosting his parliamentary majority on Friday despite a high COVID-19 death toll, last year's record economic slump and cronyism charges.
The Supreme Court on Friday described the dissolution of local governments in Oyo State and their replacement with caretaker committees as illegal.
The Supreme Court on Friday upheld an earlier judgment of the Court of Appeal which okayed the deregistration of National Unity Party and 73 others.
Real Madrid forward Eden Hazard has apologised for laughing with Chelsea players after his side were knocked out of the Champions League semi-finals.
Vice President Yemi Osinbajo has said that the startup ecosystem is one of the vital tools in finding solutions to Nigeria and Africa’s various challenges.
The Minister of Labour and Employment, Chris Ngige, has threatened legal actions against state governors not paying the new minimum wage.
The Philippine foreign minister on Monday demanded in an expletive-laced message on Twitter that China’s vessels get out of disputed waters, marking the latest exchange in a war of words with Beijing over its activities in the South China Sea.
The governor of Kebbi state, Atiku Bagudu, has asked Nigerians to repent and seek divine intervention for the country to effectively tackle its security challenges.
An unknown number of university students have been kidnapped in the south-eastern Nigerian state of Abia.