Fidelity bank banner Bayelsa State banner
Federal allocations hit five-year low

By News Express on 22/04/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,151


The Federation Accounts Allocation Committee (FAAC) meeting which took place yesterday presented the lowest FAAC in over five years, with less than N300 billion in revenue, News Express can report this morning.  The slump, according to the Federal Ministry of Finance, “was

driven by the impact of the historically low oil prices in January and February,” adding that “this sum also reflects a seasonally low collection period for the Federal Inland Revenue Service (FIRS).”

A Finance Ministry statement issued last night in Abuja said: “With about 27 states currently experiencing challenges meeting their salary payments and in response to the above, obligatory repayments due to the Federal Government from the states in respect of their restructured loan obligations are being deferred for the current month. The deferral amounts to a total of N10.9 billion. This is to ensure that the states are in a better position to meet their salary obligations. “We are not able to guarantee that all states will be able to meet their salary obligations, as each state’s situation is dependent on its own cost profile and other obligations it may have, but this initiative is to better position them to do so.

“All states will receive the relief this month, however further deferrals will be subject to the agreement of a Fiscal Restructuring Plan to be prepared by each state with clear measurable objectives.  The Federal Ministry of Finance is keen to ensure that the programme of Financial Discipline being driven by the FG is replicated in all tiers of government, including elimination of payroll fraud and increased spending efficiencies in overhead. Enhanced financial transparency by the publication of audited accounts and submission of debt profile may also be required.  Moving states towards fiscally sustainable practices is a key objective of the FG to ensure that Nigeria recovers from the current economic challenges.”

•Photo shows Finance Minister Kemi Adeosun.         

Source News Express

Posted 22/04/2016 04:29:09 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Robbers force UNIUYO to postpone exams

Wiko redefines mobile phone industry, set for Nigerian...

Adeosun discusses Nigeria’s housing challenge with breps of...

Boko Haram bows to superior firepower, retreats from...

UBA takes its Read Africa Initiative to Ghana...

White American police officer who killed black teen...

Over-speeding, expired tyre caused accident that claimed the...

I’m yet to leave APC – Shehu Sani...

El-Rufai promises to revive Kaduna textile factories

Shippers groan as charges skyrocket

Anambra Guber primaries: APC alleges plot to compromise...

Work begins soon on rehabilitation of Apapa-Oshodi Expressway,...

 

Latest News 2019: Atiku shuts down Yola APC a dying party swimming in corruption — Secondus •Promises Tsunami in the weeks ahead It’s payback time for Turaki’s loyalty, says Bauchi State PDP 431 Pharmaceutical shops sealed in Imo How ex-IGP Ibrahim Coomassie ordered my arrest, imprisonment in Kirikiri Prison – Shehu Sani Fire guts main market in Jos, razes 217 shops Ekiti Election: Oshiomhole exceeded expectations in his first national assignment as APC Chairman — Senator Alimikhena Adegboruwa weighs options as Joe Igbokwe eats the humble pie Kano has over 3 million out of school children – Ganduje UK to assist INEC deliver credible, free and fair polls in 2019 We have not suspended issuance of cards — NIMC Police to support Eko Disco on debt recovery

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (363,570 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (359,193 views) Shameless Genevieve Nnaji exposes breasts in public (287,608 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (236,004 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (215,349 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,973 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (187,078 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (169,047 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,580 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,310 views) Lagos plane crash: Journalist releases victims’ names (148,091 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,195 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,364) Business Verdict (48) Columnists (890) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (616) Global Business Monitor (286) International (2,156) Interview (158) Live Commentary (28) Love Matters (127) News (37,333) Opinion (1,024) Pidgin (10) Politics (5,638) Religion (788) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigerian detainees send SOS from Osama prison

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement