Key highlights
- NGF advised all governors to prioritize the meeting as its contents had been discussed at the NGF emergency meeting held on Thursday.
- The meeting will discuss the management and expansion of the cashless policy which took effect in 2022 when the naira notes were redesigned.
- They added harmonizing and updating the national tax collection and business entry standards would also be discussed.
Nigerian Governors disclosed they would meet with the FG’s economic and financial agencies in the country to discuss issues ranging from harmonizing and updating the national tax collection to states’ security votes.
This was disclosed in a statement by the Director, of Media and Public Affairs NGF Secretariat, Mr. Abdulrazaque Bello-Barkindo, in Abuja on Sunday.
The NGF noted that the meeting was with a view to ironing out thorny issues surrounding their states’ security votes and better fund management.
Economic Issues
The 26 Governors resolved to meet with the agencies, to establish a better option for managing the funds.
The Nigeria Governors’ Forum (NGF) disclosed that the meeting, according to an invitation issued by the NGF Director-General, Mr. Asishana Bayo Okauru, would be virtual, to ensure total attendance by all the relevant officers in the matter.
Agencies invited include the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other related offenses Commission (ICPC), the Federal Inland Revenue Service (FIRS), and the Central Bank of Nigeria (CBN).
Issues
They also noted that issues to be discussed include, deepening the management and expansion of the cashless policy which took effect in 2022 when the naira notes were redesigned to further the financial inclusion of all citizens, after the meeting was called at the instance the Nigeria Financial Intelligence Unit (NFIU) in a letter signed by the agency‘s Director, Modibbo Tukur, dated March 30, they added:
- “Also on the agenda is a consensus on harmonizing and updating the national tax collection and business entry standards and its requirements to help respond to the FATF and the European Union greylisting in which Nigeria appeared.”
What you should know
Recall Nairametrics reported that The Federation Account Allocation Committee (FAAC) disbursed a sum of N3.16 trillion to the thirty-six (36) states of the federation in 2022. This is according to data compiled by the National Bureau of Statistics (NBS).
Analysis by Nairametrics showed that the amount disbursed increased by 30.5% from N2.42 trillion and by 42.1% from N2.23 trillion disbursed in 2020.
Further checks by Nairametrics Research showed that the amount shared by the thirty-six states in the year 2022 was the highest on record. States received N2.4 trillion in 2019, N2.49 trillion (in 2018), and N1.74 trillion in 2017.
It is worth noting that the N3.16 trillion shared by the states, excluding the federal capital, Abuja is the net figure, which includes statutory allocations, 13% oil derivative, external debt deductions, distribution of exchange gain, the share of electronic money transfer levy, transfer of 50% share of Ecology to NDDC/HYPPADEC, and VAT allocations.
