Fidelity bank banner Camano 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: 1,278


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

 

You may also like...
APGA set to resist multiple candidacy –Umeh

Jonathan’s govt. fair to the South-East —Obi

Half year earnings: NSE All-Share Index hits 37,000...

Forex: Dealers fail to subscribe fully to CBN’s...

Presidency queries CAN

Biafran weapons of war displayed in Owerri

APC Senate caucus meets, insists on constituency projects...

Mild drama at the Vatican as Pope Francis...

S’West APC disputes threaten Buhari’s re-election

PDP wins Gombe council polls

9,000 AIDS patients seek Yahya Jammeh’s head over...

Man cheated in ransom sharing by gang after...

 

Latest News Emerging Hydrogen Energy World — Implications for crude oil exporting countries, By Prof. Chijioke Nwaozuzu We’ll sustain Lagos State Employment Trust Fund if elected into office — Lagos APC deputy guber candidate Femi Hamzat Davido sliding into politics, names Wike Godfather Economy: Buhari should admit he doesn’t have answers — Ezekwesili Anambra APGA crisis deepens as aggrieved aspirants demand refunds Alleged N4.75bn, $5m fraud: Ex-Skye Bank’s Chair, MD arraigned Eni, Shell knew of graft surrounding Nigeria deal: Judge UEFA releases draws for Champions League Round of 16 BREAKING: National Assemby staff begin strike, block entrance Pressure mounts on CJN to probe ‘corrupt’ governors Access Bank set to acquire Diamond Bank Troops, Boko Haram in gun battle near Maiduguri

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (430,994 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (395,495 views) Shameless Genevieve Nnaji exposes breasts in public (328,362 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (282,663 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (248,377 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,507 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,502 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,701 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (180,195 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,768 views) Lagos plane crash: Journalist releases victims’ names (167,557 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,981 views)

 

CBN banner Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,886) Business Verdict (54) Columnists (974) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (681) Global Business Monitor (313) International (2,838) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (74) News (41,517) Opinion (1,153) Pidgin (13) Politics (8,210) Religion (920) Sports (1,827) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera