Connect with us
nairametrics

Business News

FAAC disagrees over revenue allocation for FG, States, LGs

Members of FAAC have disagreed over the amount presented by revenue-generating agencies for allocation to FG, State and Local governments.

Published

on

FAAC disagrees over revenue allocation for FG, States, LGs

Members of the Federal Account Allocation Committee (FAAC) have disagreed over the amount presented by revenue-generating agencies for allocation to the Federal Government, State and Local governments.

The committee had met to deliberate and approve the amount that would be shared by the three tiers of the government. However, it was not impressed with what was made available. The meeting, presided over by the Minister of Finance, Budget and National Planning, Zainab Ahmed, had in attendance, commissioners of finance from the 36 states in Nigeria.

FEC reviews Ajaokuta-Kaduna-Kano gas project contract, approves $2.571 billion, Don’t over heat bleak economic outlook – Finance Minister, FAAC meeting ends abruptly as members disagree over revenue allocation for FG, States, LGs

Zainab Ahmed, Finance Minister

Also present at the meeting, which took three hours and ended in the night, were the Accountant General of the Federation, Ahmed Idris, representatives of the Revenue Mobilisation Allocation and Fiscal Commission, the Federal Inland Revenue Services, and the Nigeria Customs Service.

It was reported that the amount presented for sharing by the revenue-generating agencies for the month of February 2020 was lesser than expected, so it left the committee disgruntled, causing the meeting to end abruptly, an official of the Ministry of Finance said.

GTBank 728 x 90

[READ MORE: FAAC disburses N650.8 billion in December 2019, South-South states receive highest share)

Another official told Punch that the issue would now be handled by the National Economic Council which is chaired by Vice President, Yemi Osinbajo, and scheduled to hold a meeting today, Thursday. The NEC, comprising of the 36 state governors, the governor of the Central Bank of Nigeria (CBN) and other co-opted government officials, advises the President on the economic affairs of the federation.

Possible reason for allocation drop: Government revenue has dropped in recent times. The Federal Inland Revenue Service (FIRS) did not meet up with its set revenue target of N8.8 trillion in 2019. According to data from FIRS, the agency generated N5.26 trillion in 2019, which is just 59.8% of the target. And the new FIRS boss, Nami has stated that the tax agency might not meet the target for 2020.

GTBank 728 x 90

Also, due to the development in the global oil market, as the oil price war between Russia and Saudi Arabia intensifies, government revenue is declining. The oil price war led to the crash of oil price as Brent crude oil now sells for $28.14 per barrel – the lowest since 2003.

READ ALSO: 10 Nigerian companies pay a combined N187.9 billion taxes in first half of 2019

This has affected the government’s revenue mobilization as the budget is benchmarked on Brent crude oil is $57 per barrel. Note that fuel pump price now sells for N125. This, including the negative impact of coronavirus on businesses, have compelled the Federal Government to consider curring the budget.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ENDSARS

#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable – Sanwo-Olu

Sanwo-Olu has continued to ensure Nigerians that those found culpable in the unfortunate Lekki shootings will not escape the law.

Published

on

Lagos State Governor, Babajide Sanwo-Olu, has said that the Lagos State Government would ensure that anyone found culpable in last Tuesday’s shooting at the Lekki Toll Plaza would be held accountable for their actions.

This was disclosed in a statement by the Lagos State Government, after the Governor’s interview with CNN’s Becky Anderson.

In the interview with CNN, the Governor said, “We will be committed to a full investigation of what happened and people would be held accountable. They certainly would be held accountable. We would do everything possible to ensure that they are held accountable.

“People have claimed that their friends and family members have been killed. So, this Judicial Panel of Enquiry is meant to bring all of these stories to accountability; where we can make restitution, where families can prove and identify officers that were responsible for this.

“I am not the Commander-in-Chief of the Armed Forces, I am Governor of a State. The report would be out and we would channel the report to all the relevant authorities in the state to ensure that every one that is found culpable is accountable for the act.”

GTBank 728 x 90

He added that there was no international pressure on Nigerian leaders to investigate the Lekki incident, and he had met the #EndSARS protesters. He also acknowledged that the protests were legitimate.

“There are no international pressures whatsoever. These are genuine protesters that we all believe and we all have knowledge about. I was the first governor among governors, with due respect to all my other colleagues, who came out to meet with them, who started from the front. I carried the EndSARS flags with them. I met with them twice and we all had the rally together and worked together,” he said.

Sanwo-Olu also said that the investigations would be a catalyst for positive change of Governance, and he saw it as a wake-up call for those in power.

GTBank 728 x 90

“I genuinely believe there would be a change for two reasons. One, what has happened, especially in Lagos is extremely unimaginable. Number two is that it was a clarion call for all of us in government, especially understanding and realizing what the youths truly want us to be doing. So, it hit all of us like a thunderbolt and it was just a wake-up call,” he said.

What you should know

Nairametrics reported last week that several social media accounts had revealed that peaceful protesters were allegedly being shot at by the military at the Lekki toll holdout. The Nigerian Army, however, denied deploying soldiers to attack #EndSARS protesters who assembled at the Lekki Toll Plaza.

The Lagos State Government ordered an investigation into the Lekki Toll Plaza shooting that was allegedly done by some men of the Nigerian Army on Tuesday evening. Babajide Sanwo-Olu had also stated that Lagos State would not burn on his watch, as he tried to calm things down after hoodlums wreaked havoc post-Lekki shootings, and announced that the Judicial panel set up by the state would include the incident at Lekki toll gate.

Bottomline

The Lekki incident has gotten the world’s attention, with the Governor and other members of government admitting that there were casualties as a result of the incident. The onus is on the Federal Government to ensure the recommendations of the state judicial panels are properly executed after they submit their reports.

Jaiz bank ads
Continue Reading

ENDSARS

#EndSARS: The deliberate shooting of unarmed protestors was an outrage – Archbishop of Canterbury

The Archbishop of Canterbury has once again condemned the deliberate shooting of unarmed protesters in Lekki, calling it an outrage.

Published

on

#EndSARS: Archbishop of Canterbury condemns Lekki shootings

The Archbishop of Canterbury and Head of the Anglican Church, Justin Welby, has said that the deliberate shooting of unarmed protesters in Lagos was an act of outrage, and he urged for a path to peace, justice and reconciliation.

The Archbishop disclosed this in a social media statement on Monday evening. He had earlier called on Nigerian leaders to “come together and agree a common vision that puts aside difference, steers the ship of state away from the rocks of conflict and sets a course that is for the good of all.”

What you should know

The Archbishop last week condemned the shooting of unarmed protesters in Lekki and urged President Muhammadu Buhari to ensure that lives were protected.

I condemn in the strongest terms the reported deliberate shooting of unarmed protesters in Lagos and other parts of Nigeria.

GTBank 728 x 90

“I have urged President Muhammadu Buhari directly to ensure that lives are protected – and I say that again now,” he said last week.

In yesterday’s statement, Mr. Welby said: “The deliberate shooting of unarmed protestors in Lagos and other parts of Nigeria last week was an outrage. I say this as a human being, as a Christian, and as the leader of the worldwide Anglican Communion – which counts some 18 million Nigerians as part of our global family.”

He warned of the violent past of Britain’s colonial history and urged that Nigeria learned from the UK’s past mistakes.

GTBank 728 x 90

“But I also say this as a British citizen, knowing that in our recent colonial past the UK has committed appalling acts of violence.

“And while I absolutely have no place to lecture or rebuke Nigeria, a country that is very dear to my heart, I can say this: learn from our mistakes. Do not go further down the path of violence and injustice. Turn around and find the path of peace, justice and reconciliation,” he said.

He said that Nigerian leaders could become heroes if they sacrifice ambition and work to unite Nigeria in a time of trouble.

“No nation can be built without heroism. This is a time for all those who play a role in the political and civil leadership of Nigeria to be heroes for the common good. This is a time to sacrifice ambition, to set aside party, to unite to serve in order that Nigerians from richest to poorest may flourish,” the Archbishop concluded.

Jaiz bank ads
Continue Reading

Coronavirus

COVID-19 Update in Nigeria

On the 26th of October 2020, 119 new confirmed cases and 2 deaths were recorded in Nigeria

Published

on

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,111 confirmed cases.

On the 26th of October 2020, 119 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 4,719 samples across the country.

To date, 62,111 cases have been confirmed, 57,571 cases have been discharged and 1,132 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 612,154 tests have been carried out as of October 26th, 2020 compared to 607,435 tests a day earlier.

COVID-19 Case Updates- 26th October 2020,

  • Total Number of Cases – 62,111
  • Total Number Discharged – 57,571
  • Total Deaths – 1,1132
  • Total Tests Carried out – 612,154

According to the NCDC, the 119 new cases were reported from 6 states- Lagos (77), FCT (26), Plateau (9), Edo (4), Oyo (2), Nasarawa (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,884, followed by Abuja (5,993), Plateau (3,603), Oyo (3,425), Rivers (2,773), Edo (2,652), Kaduna (2,617), Ogun (2,010), Delta (1,812), Kano (1,742), Ondo (1,666), Enugu (1,314),  Kwara (1,067), Ebonyi (1,049), Katsina (952), Osun (923), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

GTBank 728 x 90

Imo State has recorded 614 cases, Benue (486), Nasarawa (479), Bayelsa (403),  Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (140), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

GTBank 728 x 90

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Jaiz bank ads

 

Fidelity ads

 

 

 

 

 

Coronation ads
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement