N950bn FAAC Deductions: FG, States Set For Showdown

By Our Reporter Abuja (Precise Post) – There is imminent showdown between the Federal Government and the 36 states over the planned deduction of N950bn from the allocation due to the states in 2022. To this end, it was learnt that the commissioner for finance in all 36 states are expected to meet in the coming days. President Muhammadu Buhari, on Tuesday, transmitted the 2022 …

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FG, States Hold FAAC Meeting Today Over Suspended $418m Deductions

Abuja – There were strong indications on Wednesday that the federal and state governments had agreed to the suspension of the deduction of $418m Paris Club refunds from states and local governments’ accounts pending the determination of court cases on the issue. The PUNCH learnt that following the agreement, which was reached between states’ officials and the Federal Ministry of Finance, the Federation Account Allocation …

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Petroleum Industry Act: States tackle FG today as FAAC meets, NBA advises governors

The 36 state governments will today (Thursday) at the Federation Account and Allocation Committee meeting review the Petroleum Industry Bill, which was signed into law on Monday by the President, Major General Muhammadu Buhari (retd.), The PUNCH has learnt. A top official of the Federal Ministry of Finance, who confided in one of our correspondents on Wednesday, said the state governments had put the ministry …

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FAAC Shares N606.196bn to Federal, State and Local Governments

By Ogechi Okorie Abuja – A total sum of N606.196 billion has been shared to the three tiers of government by the Federation Accounts Allocation Committee (FAAC) for the month of April 2020. This amount, includes revenue from Value Added Tax (VAT), Exchange Gain, Solid Mineral Revenue, Excess Bank Charges and Excess Oil Revenue. The Federal Government received N169.831 billon, the States received N86.140 billion, …

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COVID-19: FAAC to Hold Meeting by Video Conferencing

By Our Reporter Abuja (Precise Post) – This month’s edition of the Federation Account Allocation Committee (FAAC) meeting will hold through video conferencing. This is due to the lockdown occasioned by the COVID-19 pandemic. The Chairman of the Forum Hon. David Olofu made this known when he led a delegation of the Forum on a visit to the Accountant- General of the Federation. Apart from …

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Under-remittances: FAAC Meeting Deadlocked Over Irreconcilable Disagreement

By Mark Itsibor Abuja (Precise Post) – The Federal Account Allocation Committee (FAAC) meeting for the month of March ended without conclusion after hours of deliberations by the members. Director of press, Federal Ministry of Finance, Mr. Hassan Dodo simply said, “The meeting was inconclusive.” He failed to give reasons for the forced adjournment. Our correspondent gathered that the meeting was postponed indefinitely due to …

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