NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
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: 1,097


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 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Rampant Arsenal hot on City’s heels as English...

Scrapping of courses: No student will be sacked,...

RIGHTSView: How fair is Nigeria’s electricity tariff? The...

Breaking News: New PDP appeals court ruling, seeks...

Abia at 21: We’re on the right track...

Abuja court grants bail to 7 Shiites

6 killed in fresh Benue attacks

Help, I am a racist and a tribalist!!!...

Kaduna to host zonal volleyball coaches training

CBN moves to provide dollars to airlines, fuel...

Endorsement: BUHARI DUPED, say Christian Elders •Why we...

Lamentations, as refuse overwhelms Calabar

 

Latest News Foreign Affairs Minister, Nnamani, others escape death as thugs disrupt Enugu APC Congress IPOB: Jewish worshippers dare police APC congresses: Six states produce 12 factional chairmen 2019: Buhari can’t win without nPDP – Saraki Kaduna appoints 77 new district heads APC faction upsets Tinubu, holds separate congress in Lagos Ohanaeze youths back Ijaw youths on restructuring Rampaging herdsmen kill 6 in another deadly attack in Benue Okorocha kicks as Imo APC holds congress 110 confirmed dead in Cuba plane crash; black box found Abdullahi says APC won’t recognise parallel congresses Miyetti Allah backs WAANSA Nigeria in battle against small arms proliferation

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (344,865 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (341,468 views) Shameless Genevieve Nnaji exposes breasts in public (272,992 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (224,439 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (204,928 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (202,409 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (176,645 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (158,946 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,001 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,111 views) Lagos plane crash: Journalist releases victims’ names (139,793 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,207 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (40) Business & Economy (3,135) Business Verdict (43) Columnists (853) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (497) Features (594) Global Business Monitor (273) International (1,964) Interview (149) Live Commentary (28) Love Matters (119) News (35,434) Opinion (949) Pidgin (10) Politics (5,019) Religion (741) Sports (1,512) Stock Watch (28) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

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

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement