Minimum Wage: TUC asks FG to pay FAAC allocations of defaulting States to workers

…Says current minimum wage of N30, 000 unsustainable The Trade Union Congress, (TUC), has asked the Federal Government to pay the Federation Account Allocation Committee (FAAC) allocations of defaulting States to workers. TUC President, Festus Osifo, who stated this in an interview during a television programme, said the union is designing a clause in the framing of a new minimum wage that will sanction state governments who fail to pay the revised minimum wage when approved. He said, “We are designing a system as part of this new minimum wage…

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Federal, States, LGs shared ₦10tr in 2023 – NEITI

The three tiers of government – the federal, State and local government councils shared the total sum of ₦10.1tn from the Federation Account as statutory revenue allocations in 2023. Contained in the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI) on the Federation Account revenue allocations for the year 2023, its Executive Secretary, Dr. Orji Ogbonnaya, who announced the release of the report at the NEITI House in Abuja, said a breakdown of the revenue receipts showed that the Federal Government received about ₦4trn, representing about 39 per…

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Forex Crisis: ‘Govs. converting monthly allocations to dollars’, Activist alleges

Executive Director of a prominent Data-mining and Public Relations company, Cell HUB, Idris Etanami Usman, has voiced serious concerns regarding the economic crisis afflicting the nation. The company’s investigations have reportedly uncovered troubling evidence pointing to the involvement of certain State governors in worsening the dire economic situation. In a statement issued to newsmen yesterday, Usman expressed regret over the situation, emphasising the need to bring attention to the role of several state governors in Nigeria in exacerbating the current economic crisis. The findings suggest a pattern of behaviour where these…

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“FIRS didn’t give N30bn to any State; Akpabio playing politics” – Makinde

Oyo State governor, Seyi Makinde, has refuted the claim by the Senate President, Godswill Akpabio, that the Federal Inland Revenue Services, (FIRS), disbursed N30 billion to each State of the federation for food security, describing the statement as mere propaganda. Makinde, who spoke in the Iseyin area of Oyo State yesterday, during the commissioning of the renovated Iseyin Central Mosque, wondered why the President of the Senate would rely on an unconfirmed report. The Governor, who is the Vice-Chairman of the Nigeria Governors’ Forum, (NGF), said he could speak for…

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FG, States, LGCs shares N1.08trn FAAC November revenue

The Federation Account Allocation Committee (FAAC) has shared N1.088.783 trillion November revenue to the Federal Government, States and Local Government Councils (LGCs). This is according to the communique issued by the FAAC at its meeting on Friday. The communique said that the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax (VAT) revenue of N335.656 billion, Electronic Money Transfer Levy (EMTL) revenue of N11.952 billion and Exchange Difference revenue of N364.869 billion. According to the communique, total revenue of N1.620 trillion was available in the month of November.…

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NNPCL accused of withholding over N13tr from Federal Account

The Federation Account Allocation Committee (FAAC) has revealed, in a fresh report, that Nigerian National Petroleum Corporation Limited, (NNPCL), sold crude oil for about N26.496 trillion but only remitted N13.226 trillion into the Federation’s Account. The FAAC report covered from January 2012 to May 2023, revealed that the company withheld N13.270 trillion. According to the report, a total of N4.026 trillion in subsidy claims was certified. The Petroleum Products Pricing Regulatory Agency, (PPPRA), is said to have done the certification from January 2010 to December 2015. The FAAC has since…

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FAAC: N5tr accrued into the Federation Account in 6 months – Report

As Nigeria battles low fund challenges, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), yesterday disclosed that N5, 244,037,636,561.60 has accrued into the Federation Account for the period January to June this year. The record is as was captured in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN), under the caption: “CBN Federation Account Component Statement”. In an issued statement signed by the RMAFC Chairman, Mohammed Bello Shehu, out of the total gross revenue inflows into the Federation Account, N627, 301,922,426.35…

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FAAC queries NNPCL over misappropriation of $55m NLNG dividend

The Federation Account Allocation Committee (FAAC) has launched an investigation to find out what the Nigerian National Petroleum Corporation Limited (NNPCL) did with some dividends from the Nigerian Liquefied Natural Gas (NLNG). NLNG is a Nigerian natural gas company that operates in the liquefied natural gas sector. An ad-hoc committee is currently reviewing and comparing the amounts due for subsidies, taxes, royalties, and other payments, with the amounts that have been received or paid so far. According to the report of the FAAC post-mortem sub-committee for August, $275 million accrued…

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NNPC makes zero FAAC remittance again, as subsidy payments hit N3.3tr in 11 months

The Nigerian National Petroleum Company Ltd. (NNPCL), says it deducted N152.85 billion as a shortfall for the importation of petrol (subsidy) in November 2022. The national oil company stated this in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Wednesday. Subsidy, or under-recovery, is the underpriced sales of premium motor spirit (PMS), otherwise known as petrol. According to the FAAC document, due to deductions for subsidy payment, the oil company had zero contribution to the federation revenue account in the month under review. In January, February,…

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Petrol subsidy gulps N2.6trillion so far this year, as NNPC again declares zero FAAC remittance

The Nigerian National Petroleum Company (NNPC) Limited has spent N2.565 trillion on petrol subsidy payments since the beginning of this year, an analysis has revealed. According to the national oil company, in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting yesterday, it deducted N525.71 billion as a shortfall for the importation of petrol (subsidy) in August, 2022. Subsidy or under-recovery is the under-priced sales of premium motor spirit (PMS), otherwise known as petrol. The FAAC document showed that due to the subsidy payment, the oil company failed…

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