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Tag "FAAC"

FAAC: FG, states, LGAs share N636bn as allocation in April — down by N89bn

    FAAC: FG, states, LGAs share N636bn as allocation in April — down by N89bn

The federation account allocation committee (FAAC) says it shared N636.602 billion with the federal government, states, and local governments for April 2022. FAAC said this in a communiqué it issued

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EXCLUSIVE: Petrol subsidy gulps N210bn as NNPC records ZERO remittance to FAAC

    EXCLUSIVE: Petrol subsidy gulps N210bn as NNPC records ZERO remittance to FAAC

The Nigerian National Petroleum Company (NNPC) Limited says it expended N210.38 billion on petrol subsidy in January 2022. Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS),

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Court rules: FG’s deduction from federation account to fund police illegal

    Court rules: FG’s deduction from federation account to fund police illegal

A federal high court in Abuja has declared that the direct deduction of funds from the federation account to fund the Nigeria Police Force (NPF) is illegal. In a judgment

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N1trn in 10 months… how petrol subsidy payments put a dent on Nigeria’s revenue in 2021

The tenacious under-recovery of premium motor spirit (PMS), also known as petrol subsidy, created a messy revenue for the federation in 2021. Aside from the usual controversies about whether “to

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Paris Club refund: We’ll not accept arbitrary deductions from FG, says Fayemi

  Paris Club refund: We’ll not accept arbitrary deductions from FG, says Fayemi

Kayode Fayemi, governor of Ekiti, says state governments will not accept arbitrary deductions of funds from the federation account. Fayemi,

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Dear God, let oil price fall to $44

  Dear God, let oil price fall to $44

If you think this is a satire, then you are taking life too seriously. It is time to start thinking

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NNPC pays N225bn to FAAC in 5 months — 63% remittance shortfall

  NNPC pays N225bn to FAAC in 5 months — 63% remittance shortfall

The Nigerian National Petroleum Corporation (NNPC) has remitted N225.85 billion to the federation accounts allocation committee (FAAC) in the first

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FAAC shares N605bn in June — N11bn less than May disbursement

  FAAC shares N605bn in June — N11bn less than May disbursement

A total sum of N605.958 billion has been shared by the three tiers of government as revenue from the federation

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