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Federation Account Allocation Committee

In continuation of its renewed efforts to provide more critical infrastructure in the state, the administration of Governor Ifeanyi Ugwuanyi of Enugu State has approved the execution of development projects worth over N2.5 billion.

Paris Club refund: Firms slams N10 billion suit against Enugu government

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 Judicial Commission of Inquiry set up by Governor Godwin Obaseki to investigate the construction of the Edo Specialist Hospital and supply of equipment has indicted former governor, Adams Oshiomhole.

N60 billion mint: Niger Delta youths caution Edo governor to stop causing unnecessary tension

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.
Nigeria Governors Forum (NGF)

NGF: N60 billion printed money for FAAC doesn’t require our comment

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.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, in her goodwill message yesterday during the commemoration of the “2021 International Women’s Day National Policy Dialogue,” noted that through the implementation of Finance Acts 2019 and 2020, the federal government is providing tax relief and other forms of support to micro, small and medium enterprises (MSMEs), many of which are owned by women.

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.

CBN governor: It’s inappropriate to give colouration to currency printing

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.
Zainab Ahmed

Nigerian government denies Edo governor’s claims on ‘printing of N60 billion to share at...

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.
DELTA State Governor, Dr Ifeanyi Okowa, Monday released funds to affected local government areas to purchase food items for the affected communities as part of an effort to cushion the effect of their sufferings.

Delta youths ask President Buhari to compel Governor Okowa to account for N2 trillion...

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.
Nigeria Naira

Analysts: Printing currency could hurt economy

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.
A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo. REUTERS-Kim Kyung-Hoon

States can’t tap $1.5 billion World Bank fund without approved tool

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.

Nigerian government urges states to domesticate national chart of accounts to access foreign grants

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.
Nigerian National Petroleum Corporation (NNPC)

NNPC reduces cash-call debts to IOCs by $3.11 billion

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 Petroleum Products Pricing Regulatory Agency (PPPRA) is set to commence a comprehensive audit and survey of downstream oil and gas logistic facilities, with a view to identifying the infrastructure gap in the sector

Senate exposes differential subsidy payment of N120 billion by PPPRA

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.
The requests contained in three separate letters read at the beginning of plenary on Tuesday by the Senate President, Ahmad Lawan. 3

Senate queries ministry, NNPC over ‘non-remittance’ of N4.2 trillion

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.
Nigeria Governors Forum (NGF)

Nigerian governors meet over second wave of coronavirus

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.
Governors of the thirty-six states of the country under the aegis of the Nigeria Governors Forum, NGF will be meeting tomorrow, with evolving a new national security order that will ensure the safety of lives and property nationwide topping the agenda

Coronavirus: Nigerian governors plans virtual meeting on January 20

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.
Nigerian National Petroleum Corporation (NNPC)

NNPC: Revenue from crude oil, gas sales up 37.31% to N223.34 billion in November

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 Speaker of the Niger State House of Assembly, Alhaji Abdullahi Wuse, has decried the inefficiency and unproductively of the local government system in the state.

Niger Assembly saves council chairman from impeachment

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.
Waziri Adio NEITI

NEITI: FAAC disburses N2.054 trillion in Q3 2020

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 Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

House of Reps summons CBN, NNPC chiefs over non-remittance of oil revenue

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 of RMAFC, Mr Elias Mbam, said this on Thursday in Abuja when he led a team of RMAFC commissioners and other anagement members to the FIRS on a familiarisation visit.

RMAFC: Federal government, states owe N154 billion in taxes

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.
Ahmed Idris, the Accountant-General of the Federation (AGF)

Federal, states, local governments share N682.060 billion for August

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.
Ahmed Idris, the Accountant-General of the Federation (AGF)

Federal, states, local governments share N651 billion revenue

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.

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Deputy Speaker of the House of Representatives, Rt. Hon. Ahmed Idris Wase, has congratulated Vice President, Professor Yemi Osinbajo on his 64th birthday on Monday.

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