Sentences with phrase «federation account»

The monthly to Councils» allocation from Federation Account goes directly to the joint account while allocation for the state goes to state account.

Meanwhile, the Economic Confidential which has been publishing the monthly Federation Account Allocation figures in the print edition of the magazine since January 2007, has commenced the publication of the monthly allocation in its online version

Council received the final report on the Forensic Audit of Revenue Accrued from Revenue Generating Agencies (RGAs) into Federation Account (FA), Excess Crude Account (ECA) and Consolidated Revenue Fund (CRF).

«The state and the localities, on the other hand, respectively get 26.72 and 20.60 percent of Federation Account revenues.

«We ask for the creation of an Education Federation Account to raise enough capital to rebuild the infrastructural decay in our school system.

«To mitigate this effect, NNPC was compelled to sweep all the export receipt to JV cash call funding implying a zero remittance to Federation Account since the month of April 2015.»

Osun State remains the only State in the long History of Nigeria to not receive money from federation account because of debt owed to the federal government.

It is therefore, illegal and unconstitutional to deduct LGC's allocations from Federation Account to finance newly created community centres in the name of LGC or to finance state programmes and projects.

The Economic Confidential has been at the forefront of dishing out Federation Account allocations figures of all tiers of government for the benefit of Nigerians in the last decade.

«Government at the centre is currently assigned 52.68 percent of Federation Account revenues, including 7.5 percent of the account originally earmarked for «Special» projects like the development of the Federal Capital Territory and the amelioration of national ecological emergencies.

He added that the situation is so bad that what the Federal government used to take from the federation accounts as its own monthly revenue about 18 months ago is even more than what is being shared by the three tiers of government.

«The dwindling oil price has negatively affected the NNPC dollar contribution to the federation account,» the report said.

The Ministry of Finance on Friday said state governments had submitted to the Federal Government (FG), claims of over-deductions for external debt service arising between 1995 and 2002 as a result of First Line Charge deductions from the Federation Account Allocation Committee (FAAC) allocations.

Federation Account; plundered.

Already, the road project has reached Ayama in Southern Ijaw before it was stalled due to dwindling allocation accruing to the state from the federation account.

State Governments have submitted to the Federal Government (FG), claims of over-deductions for external debt service arising between 1995 and 2002 as a result of First Line Charge deductions from the Federation Account Allocation Committee (FAAC) allocations.

He held that Osun was receiving negative monthly allocations from the Federation Account during the period, saying what hit Nigeria during this period was the equivalent of economic natural disaster and Osun was not alone.

Of the receipts, $ 610 million was remitted to the federation account, while the balance of $ 3.09 billion was used to fund joint venture cash calls for that period.

He said: «The current revenue allocation formula by which the Federal Government takes as much as 52.68 % of centrally - collected revenues in the Federation Account, leaving the States and Local Governments with 26.72 % and 20.60 % respectively has created a glaring and unacceptable imbalance in the financial resources of the three tiers of government.

The 1999 Constitution provides for the establishment by each state of the said account into which shall be paid all revenues due to local governments of that state from the Federation Account and from the state government.

And to add to the injury some of your councils» allocations, from the federation account, were arbitrarily deducted in the name of joint account.

It would be unconstitutional for States to make legislation outside the Federal Law on the Federation Account, as such state laws can not override National law in this exceptional situation.

For the purpose of uniformity, accountability and transparency, members from Revenue Mobilisation Allocation and Fiscal Commission who have representatives from every state of the federation were recommended, as umpires and arbiters of the Federation Account, to play prominent roles during the meeting of the State Joint Local Government Accounts Allocation Committee.

He is from Etsako - West and for the sake of what he has said, in December 2014, Etsako West from the Federation Account, got N116, 650,941, January 2015, had N126, 713,371, January — September 2015, the council should have gotten N925, 967,395.

The governor revealed that with N1.5 bn from federation account, the state still had to borrow to pay 40,000 civil servants against over three million people that needed to be catered for.

For instance, this year's benchmark for the federal budget is $ 42 but oil now goes for over $ 70 per barrel and instead of paying all the revenues to the Federation Account, the FG still operates an Excess Crude Oil Account contrary to the judgment of the Supreme Court and they spend such funds without recourse to appropriate authorities,» he said.

Okupe in a sheer reference noted that Ogun State, was receiving N2 billion monthly from the federation account between 2008 and 2009, but was paying out about N1.8 billion as staff salaries, wages and overhead costs to civil servants during the period.

National Bureau of Statistics, NBS, yesterday, disclosed that the Federation Account Allocation Committee, FAAC, shared N467.85 billion among the three tiers of government in August 2017.

The report stated: «The Federation Account Allocation Committee, FAAC, disbursed N467.85 billion to the three tiers of government in August 2017 from the revenue generated in July 2017.

'' I have seen in Governor Aregbesola a rare determination to bring much out of little, that is why Osun is progressing even with little resources and meagre allocation from the federation account.

«It is therefore important to emphasise the need for States to be financially empowered to shoulder this responsibility effectively, and we propose that allocation from the Federation Account be reviewed upwards in favour of the States to enable them discharge this constitutional responsibility effectively».

If we were federal, and needed no restructuring, why do the 36 State Commissioners of Finance in Nigeria congregate in Abuja at the end of every month in the ritual (like witches and wizards in a coven) of sharing allocations from the Federation Account under section 162 of the 1999 Constitution?

The speaker also advised the union to channel their request for salaries of teachers to be handed over to state governments or paid from first - line charge from the federation account through the Universal Basic Education Commission to the Constitution Review of the House of Representatives for consideration.

But Onah, who expressed concern at the decline in the state's allocations from the federation account, also urged the governor to bailout the local councils.

According to Shehu, it is the right of citizens to demand the judicious use of the Ecological Fund, which is distributed among the three tiers of government from the Federation Account.

An Elder Statesman Chike Nwanze demanded for the removal of Federation Account; saying this merely releases peanuts for the federating states.

Every month, States and Local Governments receive 1.4 per cent from the Federation account as Ecological Fund, compared to the Federal Government's share of 1 per cent.

The government attributed the development to the shortfall in revenues from the federation account and the reduction in its production quota of crude oil.

While presenting the income and expenditure profile for the month of November, the deputy governor said that the state received N11.6 bn as gross inflow from the federation account.

«In one year, Ekiti State can not get N35.5 billion as share from the federation account and the question is; of what benefit will the N35.5 billion be for the people of Ekiti?

He said, «Any amount of money that has to be spent from the Federation Account, must be appropriated by the National Assembly.

«The question to ask is that; what is the allocation coming to Ekiti from the federation account and who are those that have complained to the EFCC on missing fund in Ekiti?

But even with the little they (NNPC) declare, they take what they want to take before declaring or remitting to the Federation Account.»

A total of N420billion has was shared as Federal Allocation for the month of October 2016 by the Federal Government, State governments and Local Government Councils after the monthly meeting of the Federation Account Allocation Committee (FAAC)

On dollar payments to JV cash call and Federation Account, NNPC said the total export proceeds of $ 445.79 million was recorded in October, with proceeds from crude oil sales, LPG & NLNG feedstock, and miscellaneous receipt amounting to $ 325.28 million (72.97 per cent), $ 84.57 million, that is, 18.97 per cent and $ 35.93 million (8.06 per cent) respectively.

The Nigerian National Petroleum Corporation (NNPC) has between January and October this year, remitted N872.90 billion for Domestic Crude Oil & Gas and other receipts to the Federation Account.