The inability of the Federal Government to convene the monthly Federation Accounts Allocation Committee meeting may delay the payment of August salaries for government workers. The meeting, which usually holds between 15th and 20th of every month, has yet to be convened with seven days to the end of this month. It usually takes between seven and 10 days from the day the meeting is held before workers’ salaries are paid, according to sources at the Ministry of Finance.

“Going by this analysis, it implies that even if the meeting is held any moment from now, workers may not be able to receive their August salaries until next month,” one of the sources said. The source said the delay in holding the meeting was due to revenue challenges, which the country had been grappling with in the last few months.

There have been persistent shutdowns and shut-in of trunks and pipelines at various oil and gas terminals, which have had a negative impact on revenue performance. A top government official told our correspondent on Monday that a majority of the revenue-generating agencies had yet to remit any money to the federation account. It was learnt that the meeting, which was originally scheduled to hold last week, could not be held because enough revenue had not been remitted to the federation account.

The official said, “You know we have been having revenue challenges and the money we usually share is taken from the federation account, which is funded by revenue-generating agencies.

“Some of these agencies are still generating revenues and as of last week when the meeting was supposed to be held, we couldn’t hold it because there was not enough revenue for sharing.

”Some of the agencies remitting funds to the federation account are the Nigerian National Petroleum Corporation, the Federal Inland Revenue Service, the Nigeria Customs Service and the Central Bank of Nigeria. The FAAC committee is made up of commissioners of finance from the 36 states of the federation; the Accountant-General of the Federation, and representatives of the NNPC.Others are representatives of the FIRS, NCS, CBN as well as Revenue MobilisationAllocation and Fiscal Commission.

The federation account is currently being managed through a legal framework that allows funds to be shared under three major components – statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.

The 2015 budget is targeting a gross federally collectible revenue of N9.78tn to be shared by the three tiers of government. The figure, when spread over a 12-month period in which the amount is to be generated, translates into a monthly revenue of N815bn or N2.44tn per quarter. But figures obtained from the Finance ministry revealed that between January and May this year, the country has only generated the sum of N1.74tn as gross revenue. When the actual N1.74tn revenue is compared to the budgeted target of N4.07tn that should have been earned within the five months period, it translates into a revenue shortfall of 57.3 per cent. A breakdown of the actual revenue revealed that the sum of N416.04bn was generated in January; N401.46bn in February; while the months of March, April and May had N315.04bn, N282.06bn and N324.96bn, respectively.

When contacted, the Director of Press, Ministry of Finance, Mr. Marshal Gundu, said that the meeting would be held on Wednesday. In his reply to a text message earlier sent by our correspondent, he said, “The technical session is on Tuesday and the FAAC meeting is coming up Wednesday, please.

”http://www.punchng.com/business/business-economy/august-salaries-for-federal-workers-may-be-delayed/

Na wash... Nigeria has money

And so what?

So they expected to raise the same amount they budgeted or exceed it?

This government need a primary education to come alive with the workings of government. Too much excuses, too much talk, too much blame, too much of . . .

Who would have thought we would still be reading these sort of stories after Buhari body language and integrity had blocked all the leakages and fixed everything?

Now that there are no GEJ or Deziani to blame for corruption or missing $20 billion, who do we blame for this developing story?

After series of propaganda, as soon as reality sets in, the truth will emerge.

Cc: Ishilove, lalasticlala.

Sincere9gerian:
Who would have thought we would still reading these sort of stories after Buhari body and integrity had blocked all the leakages and fixed everything?
After series of propaganda, as soon as reality sets in, the truth will emerge

Try to make sense.

Shoro in yen?

Make I go. Buyy akara

All I know is, things are getting better

Days of cluelessness are over

Sincere9gerian:
Who would have thought we would still be reading these sort of stories after Buhari body language and integrity had blocked all the leakages and fixed everything?

Now that there are no GEJ or Deziani to blame for corruption or missing $20 billion, who do we blame for this developing story?

After series of propaganda, as soon as reality sets in, the truth will emerge.

Cc: Ishilove, lalasticlala.

we shld nt forget them in prayers.. They seriously need divine help.. The confusion is boldly written in their eyes

Body language government.
Failure par excellence.

AdeniyiA:
All I know is, things are getting better

Days of cluelessness are over

ur comment depicts sentiment

Hmmm , abeg me nor wan hear bad news now oo. Don plan how I gho take spend the money finish sef by 31st August ooo.

Small small, ApC will owe the whole country

Take aregberascal and his osun state workers for example

Make dem pay workers that's my own. How they are gonna do it, I DON'T WANNA knw

July salaries were paid late, workers should brace up

koboko69:
I Wouldn't have commented on this but because of the antecedents of the OP, and his known mischievous and malicious tendencies, i am forced to comment cos i know the under tone at which he posted this.

Need we remind the wailers that Jonathan brought us to to the point of brink, and Nigeria would have totally collapsed shold he have won the last election. The present administration is doing its possible best to make generate more revenue and recover trillions from the god fathers and god mothers of people like the OP. At least this government have not borrowed to pay salaries. I also don't need to remind any Nigeria that in the history of Nigeria, many federal workers didnt even get their December salary, making them face a bleak Christmas.

In Baba we believe

Buhari till Satan becomes born-again!

Your paymasters have now been in power for 3 months plus so stop complaining as if you're still in opposition

Na God go help us

Sincere9gerian:

Your paymasters have now been in power for 3 months plus so stop complaining as if you're still in opposition

TAAAH. HIGHLIGHT MY COMPLAINTS IN MY POST. IN BETWEEN I THOUGHT YOU RETIRED, AND ONE BASTARDNISTA TOOK OVER FROM YOU. ITS BEEN LONG I SAW SOME LAME THREADS, ARE YOU BACK TO REPLACE HIM?

I don't like this o!

What has Baba been doing all this while?

I think he should change body language to shakiti-Bobo

The previous one didn't work

The FG can easily pay salaries without recourse to oil sales.

Salaries are paid in Naira and the total FG wage bill can easily be realized from internal tax and other revenue sources.

Stating that they can't pay because of oil is a big lie.

The FG depends on oil to fund their capital project, maintain a balance trade account known as the external reserves which is maintained in USD and also to finance the local forex demand of importers.

Anybody telling you that FG can not pay salaries is a liar.

Tariffs from port duties, duties on alchohol, tobacco, VAT and some other govt revenue sources can easily meet payment of salaries and local debts.

The APC is full of wicked austerity players as can be seen in what they perfected in the Southwest.

koboko69:
I Wouldn't have commented on this but because of the antecedents of the OP, and his known mischievous and malicious tendencies, i am forced to comment cos i know the under tone at which he posted this.

Need we remind the wailers that Jonathan brought us to to the point of brink, and Nigeria would have totally collapsed shold he have won the last election. The present administration is doing its possible best to make generate more revenue and recover trillions from the god fathers and god mothers of people like the OP. At least this government have not borrowed to pay salaries. I also don't need to remind any Nigeria that in the history of Nigeria, many federal workers didnt even get their December salary, making them face a bleak Christmas.

In Baba we believe

Buhari till Satan becomes born-again!

Ranting nonsense as usual.

Why attack the OP who reposted a news article?

Go after the message and not the messenger.

Fascist pig.

BishopMagic:
The FG can easily pay salaries without recourse to oil sales.

Salaries are paid in Naira and the total FG wage bill can easily be realized from internal tax and other revenue sources.

Stating that they can't pay because of oil is a big lie.

The FG depends on oil to fund their capital project, maintain a balance trade account known as the external reserves which is maintained in USD and also to finance the local forex demand of importers.

Anybody telling you that FG can not pay salaries is a liar.

Tariffs from port duties, duties on alchohol, tobacco, VAT and some other govt revenue sources can easily meet payment of salaries and local debts.

The APC is full of wicked austerity players as can be seen in what they perfected in the Southwest.

Nice write up

A govt that doesn't have a blueprint and busy pursuing shadows will surely disgrace us

Hmmm

Hehehehehehehehehehe...foolish president and a clueless government.

koboko69:


Buhari till Satan becomes born-again!

u deserve 69koboko on ur a$$

Make them no play dat kind play reach where people wey dey owe me dey. I no wan hear story.

Femolacaster:
And so what?

You want what Aregberascal has instituted in Osun with his "O my belle Oh" hunger policy to be exported to the federal level?

Buhari should not dare appoint any useless APC stooge of Tinubu from the Southwest into his govt as it is obvious they are doing the task of instituting poverty to pave way for cheap labor which western companies will want to take advantage off.

Read on Haiti-US trade relations especially how Bill Clinton was able to force the Haitian govt to open their market for cheap rice imports from US after Asian markets closed their markets on them.

The only reason the US was against the last administration to the point of lending the APC Obma's campaign slogan of Change and even Obama's camping manager was because Jonathan was stirring our economy off the dollar.

Now that the dollar is crashing so slo is our poverty increasing.

Buhari is not in Aso Rock to improve your lives but is there to do what the big boys in JP Morgan and co tell him to do.

Welcome to the brave new world of 1984 all over again.

Foolish pleb.

Isn't it funny?

Haha.....na wa 4 una ooii