Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,756 members, 7,809,910 topics. Date: Friday, 26 April 2024 at 05:04 PM

Experts Project N700bn FAAC Allocation In August, Highest In 30 Months - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Experts Project N700bn FAAC Allocation In August, Highest In 30 Months (1979 Views)

Infograph: FAAC Allocation Distribution To 36 States From January - March 2017 / Akwa Ibom Tops 2016 FAAC Allocation With Over N116.6 Billion – NEITI / We’ve Paid N700bn For Road Projects – FG (2) (3) (4)

(1) (Reply) (Go Down)

Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by yjgm(m): 9:38am On Aug 08, 2016
Expert Projects N700bn FAAC Allocation In August, Highest In 30 Months
Blessing Anaro
— Aug 8, 2016 4:35 am | Leave a comment
As the federal government increased its spending in order to steer away the economy from recession, the Federation Account Allocation Committee (FAAC) is set to share N700 billion in the month of August, the highest shared in the last30 months,according to projections by analysts at Financial Derivatives Company (FDC) Limited.

Allocation began to show remarkable increase in July, when a total of N559 billion was shared, a surge of 83.2 per cent over the previous month. The increased spending also helped activate shipping activities during the month.

Disclosing this in Lagos, chief executive officer, FDC, Bismarck Rewane attributed the rise to partially improved  tax collection and exchange rate gains.

Rewane said increased exchange rate gains reached highest level in 18 months.

FAAC allocation rose to N559.03 billion in July from N305.12 billion in June.

Based on increased spending, Rewane said there were more ships in Lagos. He said ships awaiting berth increased to 45 in July.

“Higher international trade activity, forex availability and settlement of backlogs were responsible,’’he said.

he added that ships awaiting berth are expected to increase to 50, “boosted by budget implementation and flexible exchange rate”.

Meanwhile, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside assured that Nigeria is safe for shipping and other commercial activities in the maritime sector.

According to reports by the Ship Owners Association of Nigeria (SOAN)’s news bulletin,  the director general, who made this known recently noted that Nigeria is working with both local and international counter-piracy partners to eliminate criminality on its waterways.

He said: “We have a close working relationship with the United Nations Office on Drugs and Crimes (UNODC) in order to foster an integrated approach to dealing with the menace. We have also increased surveillance and have deployed world-class maritime domain awareness assets in conjunction with the Nigeria Navy and the Nigeria Ports Authority to monitor our maritime environment”.

Peterside said that in addition, the country has deployed Maritime Patrol Aircraft (MPA) in collaboration with the Nigerian Air Force as well as other naval assets to patrol and monitor the country’s waterways.

The DG observed that as a signatory to all IMO instruments and regulations relating to maritime security, Nigeria is committed to their compliance in order to eliminate piracy and criminality on the high seas.

He also said that Nigeria is mindful of the serious risk posed by piracy and maritime crimes to life, navigational safety and the environment saying this is why NIMASA is strengthening the Regional Rescue Coordination. Centre located in the country as well as enhance information sharing activities.

Lalasticlala, seun, mynd44

http://leadership.ng/news/545097/expert-projects-n700bn-faac-allocation-in-august-highest-in-30-months

1 Like 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Remii(m): 9:41am On Aug 08, 2016
hopefully the governors will use more money available dues to devaluation to pay salaries, that can be a blessing of devaluation if more people have money in their pockets, devalued or not, lol
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by nitt: 9:54am On Aug 08, 2016
Patience is what Nigerians need to apply with this government.

From all indicators, the hardship is temporary and inevitable.


Kemi Adeosun is adopting basic methods to curtail the downward spiral of the economy.


No IMF/WB voodoo interventions.


Less pray and support our government.

10 Likes

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by naijaGhandi: 12:22pm On Aug 08, 2016
C dogara and co smiling; in their mind dem go be like ' at last this maga don sign am' nt knowing that na the maga go finish their political career.
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Masculity(m): 12:54pm On Aug 08, 2016
Good. Some of my blodas may not like this.
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by 12Monkeys: 12:58pm On Aug 08, 2016
See zombies.

The increase is due to the devaluation of the naira from 198 to 350 naira.

Buhari has officially turned Nigeria to Zimbabwe

5 Likes 2 Shares

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by 12Monkeys: 1:01pm On Aug 08, 2016
nitt:
P[s]atience is what Nigerians need to apply with this government.

From all indicators, the hardship is temporary and inevitable.


Kemi Adeosun is adopting basic methods to curtail the downward spiral of the economy.


No IMF/WB voodoo interventions.


Less pray and support our government[/s].

There was an increase in volume and not value.

That should tell you the naira is devalued which will further lead to hyperinflation.

Zimbabwe loading all because of the dullard and the glorified accountant who can't manage a hair do.

7 Likes

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Nobody: 1:05pm On Aug 08, 2016
One minute we go hear good news about this government, the next minute we go hear bad news wey go make man heart shrink. This Buhari government don pass play o, how is this one good news when the current rate of naira value to the outside world is like a stream among oceans. This administration sabi dribble Nigerians pass Ronaldo and Messi

3 Likes 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by 12Monkeys: 1:08pm On Aug 08, 2016
What are the implications of this?

1. Hyperinflation

2. Increase in interest rates

3. Economic slowdown

4. Further naira devaluation (buhari will have to approve a 100,000 naira bill soon)

What they had ought to do?

1. Cut govt expenditure and capital projects until oil prices rebound

2. Lower taxes and not increase it in order to stimulate investment drive

3. Reduce lending rates ( which they did the opposite) . Now who is going to borrow at 40% to start a business in an economy in recession.

The only good news is that Nigeria's economic woes are not entirely due to fundamental factors or a slowing economy but rather the ineptitude of those in power today.

4 Likes 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by SuperS1Panther: 1:49pm On Aug 08, 2016
We will get there.

Slowly, but surely.
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by KnowAll(m): 2:00pm On Aug 08, 2016
But today's 700 billion = 350 billion of yesterday considering the Naira has fallen from 197 to d Dollar to 400 to d Dollar.
So it is no gain we are only spending what we have always spent on FAAC.

2 Likes 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Nobody: 2:20pm On Aug 08, 2016
12Monkeys:
What are the implications of this?

[s]1. Hyperinflation

2. Increase in interest rates

3. Economic slowdown

4. Further naira devaluation (buhari will have to approve a 100,000 naira bill soon)

What they had ought to do?

1. Cut govt expenditure and capital projects until oil prices rebound

2. Lower taxes and not increase it in order to stimulate investment drive

3. Reduce lending rates ( which they did the opposite) . Now who is going to borrow at 40% to start a business in an economy in recession.

The only good news is that Nigeria's economic woes are not entirely due to fundamental factors or a slowing economy but rather the ineptitude of those in power today[/s].

3 Likes

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by 12Monkeys: 2:23pm On Aug 08, 2016
PUSH1:

Dullard
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by DropShot: 2:27pm On Aug 08, 2016
Should this be true, it will counter some of the effects of the economic woes as more money is pumped into the economy.

This will underscore the fact that this government, if given the chance and the needed support, will turn things around for good.

Another hot dagger pierced through the heart of wailing zombies.

2 Likes

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by ConqueredWest: 2:47pm On Aug 08, 2016
12Monkeys:
What are the implications of this?

1. Hyperinflation

2. Increase in interest rates

3. Economic slowdown

4. Further naira devaluation (buhari will have to approve a 100,000 naira bill soon)

What they had ought to do?

1. Cut govt expenditure while increasing capital projects until oil prices rebound

2. Lower taxes and not increase it in order to stimulate investment drive

3. Reduce lending rates ( which they did the opposite) . Now who is going to borrow at 40% to start a business in an economy in recession.

The only good news is that Nigeria's economic woes are not entirely due to fundamental factors or a slowing economy but rather the ineptitude of those in power today.


You are knowledgeable in economic matters despite the correction I made which was highlighted
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by tuniski: 3:12pm On Aug 08, 2016
nitt:
Patience is what Nigerians need to apply with this government.

From all indicators, the hardship is temporary and inevitable.


Kemi Adeosun is adopting basic methods to curtail the downward spiral of the economy.


No IMF/WB voodoo interventions.


Less pray and support our government.
Anything that will put more money in citizens pocket is welcome. At least just fx gain alone can add 200bn to the FAAC. That is a 2bn$ previously cluelessly pegged at 197 gives 394bn naira same 2bn$ now gives 600bn naira at 300naira.
However, the deeper issues of recession are still very much here with us.


By the way, u sounded relieved just for this ; it must have been disappointment for u n tough defending this govt! Pele even in 100yrs buhari will not deliver anything significant. He can't give what he doesn't have.

1 Like

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by tuniski: 3:16pm On Aug 08, 2016
DropShot:
Should this be true, it will counter some of the effects of the economic woes as more money is pumped into the economy.

This will underscore the fact that this government, if given the chance and the needed support, will turn things around for good.

Another hot dagger pierced through the heart of wailing zombies.
U sound ignorant!

1 Like 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Landloard01(m): 3:18pm On Aug 08, 2016
ok
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by DropShot: 3:47pm On Aug 08, 2016
tuniski:

U sound ignorant!
Educate me please?
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by omololu2020(m): 4:30pm On Aug 08, 2016
tuniski:

U sound ignorant!
please educate him
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by clefstone(m): 4:32pm On Aug 08, 2016
When d money mature matured men go comment,
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Nobody: 4:56pm On Aug 08, 2016
"Based on increased spending, Rewane said there were more ships in Lagos. He said ships awaiting berth increased to 45 in July."

- Useless analysis. Are you basing income on number of ships yet to berth undecided

“Higher international trade activity, forex availability and settlement of backlogs were responsible,’’he said.

- Can you expatiate on the kind of international trade activity involved?
- Where is the forex? What is the cost of capital?
- Which backlog?
- Which budget implementation?

Useless propaganda and unsound analysis embarassed

2 Likes 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by otokx(m): 5:15pm On Aug 08, 2016
That Rewane guy sometimes tells tales by moonlight.

1 Like 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Progressive01(m): 6:10pm On Aug 08, 2016
nitt:
Patience is what Nigerians need to apply with this government.

From all indicators, the hardship is temporary and inevitable.


Kemi Adeosun is adopting basic methods to curtail the downward spiral of the economy.


No IMF/WB voodoo interventions.


Less pray and support our government.
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Progressive01(m): 6:16pm On Aug 08, 2016
DropShot:
Should this be true, it will counter some of the effects of the economic woes as more money is pumped into the economy.

This will underscore the fact that this government, if given the chance and the needed support, will turn things around for good.

Another hot dagger pierced through the heart of wailing zombies.
Just look how sad they are already.

I pray their misery never depart from them, amen.
Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Izonpikin: 6:17pm On Aug 08, 2016
12Monkeys:
What are the implications of this?

1. Hyperinflation

2. Increase in interest rates

3. Economic slowdown

4. Further naira devaluation (buhari will have to approve a 100,000 naira bill soon)

What they had ought to do?

1. Cut govt expenditure and capital projects until oil prices rebound

2. Lower taxes and not increase it in order to stimulate investment drive

3. Reduce lending rates ( which they did the opposite) . Now who is going to borrow at 40% to start a business in an economy in recession.

The only good news is that Nigeria's economic woes are not entirely due to fundamental factors or a slowing economy but rather the ineptitude of those in power today.
my brother you try to explain sef...me i Don tire...The dullness of this administration is highly baffling....

Cutting down on government expenditure is like telling the government to hang itself...where would they steal from..If till this moment they haven't slashed the spending of the NASS with a serious cutlass then this country remains a joke...If at this time buhari has not called all governors that a gradual approach to regionalism is what is needed then we are still on a long thing...

2 Likes 1 Share

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Izonpikin: 6:19pm On Aug 08, 2016
Keneking:

"Based on increased spending, Rewane said there were more ships in Lagos. He said ships awaiting berth increased to 45 in July."

- Useless analysis. Are you basing income on number of ships yet to berth undecided

“Higher international trade activity, forex availability and settlement of backlogs were responsible,’’he said.

- Can you expatiate on the kind of international trade activity involved?
- Where is the forex? What is the cost of capital?
- Which backlog?
- Which budget implementation?

Useless propaganda and unsound analysis embarassed
are we sure this is keneking.


Dropshot abeg come make we confirm.... cheesy

3 Likes

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by 4Play(m): 3:30am On Aug 27, 2016
12Monkeys:
What are the implications of this?

1. Hyperinflation

2. Increase in interest rates

3. Economic slowdown

4. Further naira devaluation (buhari will have to approve a 100,000 naira bill soon)

What they had ought to do?

1. Cut govt expenditure and capital projects until oil prices rebound

2. Lower taxes and not increase it in order to stimulate investment drive

3. Reduce lending rates ( which they did the opposite) . Now who is going to borrow at 40% to start a business in an economy in recession.

The only good news is that Nigeria's economic woes are not entirely due to fundamental factors or a slowing economy but rather the ineptitude of those in power today.

You hinted at something which is very true, increased spending by the FG may actually worsen our economic problems. This is because the release of more Naira in the midst of a currency crisis provides more Naira to buy dollars.

The main problem Nigerians face is inflation (largely down to currency depreciation). Until this is addressed, increasing the money supply is like a dog chasing its tail. Unfortunately, this is why fiscal consolidation and interest rate increases become necessary in a currency crisis.

2 Likes

Re: Experts Project N700bn FAAC Allocation In August, Highest In 30 Months by Sibrah: 3:53am On Aug 27, 2016
DropShot:
Should this be true, it will counter some of the effects of the economic woes as more money is pumped into the economy.

This will underscore the fact that this government, if given the chance and the needed support, will turn things around for good.

Another hot dagger pierced through the heart of wailing zombies.
illiterate spotted.

(1) (Reply)

Whoelse Got This Text Message From PHCN After A Power Outage? / IGBOMOKU - An Ancient Community That Uniform Personnels Must Not Enter / It Is Time For Ndigbo To Stand Their Ground — Sen Ohuabunwa

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 45
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.