Sau24:
Hey stop that.A head teacher gave an information and you are saying as at the time, there has not been any pronouncement.Do you think when the announcement was made was when it was conceived. How many time do you attend meeting. The head teacher in this regard is your boss.Pls be cautioned.

Na you get mouth �, so you are free to say whatever you like

So some 2013 teachers are now head teachers?

[So some 2013 teachers are now head teachers?
Yes, Many of them are Headteachers
]

sam1980000:
So some 2013 teachers are now head teachers?

Yes, mostly those of them in local villages....

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Statutory Allocation: FAAC stalemate to be resolved at NEC
March 19, 2020Bassey Udo
FAAC Meeting used to illustrate the story [Photo: Presidency]
FAAC Meeting used to illustrate the story [Photo: Presidency]
Related News
Adeosun calls crucial meetings as low NNPC revenue stalls allocation to states, others
FAAC stalemate: Workers won't get salaries, Bayelsa govt says
Again, FAAC meeting ends in controversy over NNPC finances
Again FAAC meeting cancelled over poor NNPC revenue returns
Emergency FAAC meeting ends without resolving crisis
A stalemate at the Federation Account Allocation Committee (FAAC) meeting on Wednesday over depleting statutory allocation is expected to be resolved at the National Economic Council (NEC) meeting holding in Abuja.

On Wednesday, the FAAC met in Abuja for the sharing of the statutory sharing of revenues between the three tiers of government for the month of February.

In attendance were members of the committee, consisting finance commissioners and accountants general of the 36 states of the federation and their federal government counterparts and the Federal Capital Territory.

However, those who attended the meeting said proceedings ended abruptly after about three hours of deliberations, as the committee could not agree on the revenue to share for the month.

The meeting, presided by the Minister of Finance, Budget and National Planning, Zainab Ahmed, held at the headquarters of the Federal Ministry of Finance started at about 5 p.m and did not end till about 8.37 p.m.

The Accountant General of the Federation, Ahmed Idris, was also in attendance, along with representatives of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFAC), the Federal Inland Revenue Services (FIRS), the Nigeria Customs Service (NCS) and all other revenue-related agencies.

The Director of Press at the Federal Ministry of Finance, Hassan Dodo, said later that the meeting ended in a stalemate as members of the committee “could not agree on the amount presented for sharing by the revenue-generating agencies.”

Threshold for revenue allocation
Last year, the committee adopted the recommendation in the report of its special on guidelines on transfers into and withdrawals from the accounts.

In the report, the committee recommended that any month where the net distributable revenues available for sharing by the federal, states and local governments from the Federation Account falls below N680 billion, funds should be withdrawn from the Excess Crude Account to augment the shortfall to at least N680 billion.

On the other hand, where the net distributable revenue is between N680 billion and N730 billion, up to about N50 billion should be transferred into the ECA as saving.

Besides, if the net distributable revenue for the month is between N730 billion and N830 billion, the committee recommended that up to about N100 billion should be transferred to the ECA, or a minimum of N150 billion, if the figure is above N830 billion.

With oil revenues shrinking to the barest minimum following the impact of the coronavirus on oil exports, it was learnt that what was presented for sharing by the Nigerian National Petroleum Corporation (NNPC) and other revenue agencies for sharing was far below their usual benchmark amount.

READ ALSO: ANALYSIS: Revised tax law grants more reliefs to low income earners
Crude oil price crashed to about $25 per barrels on Wednesday, the lowest level in 16 years, as global markets continued to grapple with the negative impact of the coronavirus pandemic on the global economy.

Coronavirus bites harder
Already the crash has driven oil prices below government approved estimates in the 2020 budget, forcing a cut in the budget by 20 per cent and revision of the oil benchmark price to $30 per barrel.

It was learnt that members could not agree on how much should be drawn from the excess crude account to augment the allocation, as the balance in the account is at its lowest level.

At the end of the FAAC meeting for last January, the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, announced the balance in the excess crude account as at February 19 stood at a paltry $71.81 million.

PREMIUM TIMES learnt that since the committee could not agree on the amount to share, members resolved to shelve further discussion and allow the Minister to take the matter before the National Economic Council (NEC) on Thursday.

The council chaired by Vice President Yemi Osinbajo, has the state governors of all the 36 states and the FCT as members, apart from the governor of the Central Bank of Nigeria (CBN), ministers and key officials as co-opted members.



.

sam1980000:
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Statutory Allocation: FAAC stalemate to be resolved at NEC
March 19, 2020Bassey Udo
FAAC Meeting used to illustrate the story [Photo: Presidency]
FAAC Meeting used to illustrate the story [Photo: Presidency]
Related News
Adeosun calls crucial meetings as low NNPC revenue stalls allocation to states, others
FAAC stalemate: Workers won't get salaries, Bayelsa govt says
Again, FAAC meeting ends in controversy over NNPC finances
Again FAAC meeting cancelled over poor NNPC revenue returns
Emergency FAAC meeting ends without resolving crisis
A stalemate at the Federation Account Allocation Committee (FAAC) meeting on Wednesday over depleting statutory allocation is expected to be resolved at the National Economic Council (NEC) meeting holding in Abuja.

On Wednesday, the FAAC met in Abuja for the sharing of the statutory sharing of revenues between the three tiers of government for the month of February.

In attendance were members of the committee, consisting finance commissioners and accountants general of the 36 states of the federation and their federal government counterparts and the Federal Capital Territory.

However, those who attended the meeting said proceedings ended abruptly after about three hours of deliberations, as the committee could not agree on the revenue to share for the month.

The meeting, presided by the Minister of Finance, Budget and National Planning, Zainab Ahmed, held at the headquarters of the Federal Ministry of Finance started at about 5 p.m and did not end till about 8.37 p.m.

The Accountant General of the Federation, Ahmed Idris, was also in attendance, along with representatives of the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFAC), the Federal Inland Revenue Services (FIRS), the Nigeria Customs Service (NCS) and all other revenue-related agencies.

The Director of Press at the Federal Ministry of Finance, Hassan Dodo, said later that the meeting ended in a stalemate as members of the committee “could not agree on the amount presented for sharing by the revenue-generating agencies.”

Threshold for revenue allocation
Last year, the committee adopted the recommendation in the report of its special on guidelines on transfers into and withdrawals from the accounts.

In the report, the committee recommended that any month where the net distributable revenues available for sharing by the federal, states and local governments from the Federation Account falls below N680 billion, funds should be withdrawn from the Excess Crude Account to augment the shortfall to at least N680 billion.

On the other hand, where the net distributable revenue is between N680 billion and N730 billion, up to about N50 billion should be transferred into the ECA as saving.

Besides, if the net distributable revenue for the month is between N730 billion and N830 billion, the committee recommended that up to about N100 billion should be transferred to the ECA, or a minimum of N150 billion, if the figure is above N830 billion.

With oil revenues shrinking to the barest minimum following the impact of the coronavirus on oil exports, it was learnt that what was presented for sharing by the Nigerian National Petroleum Corporation (NNPC) and other revenue agencies for sharing was far below their usual benchmark amount.

READ ALSO: ANALYSIS: Revised tax law grants more reliefs to low income earners
Crude oil price crashed to about $25 per barrels on Wednesday, the lowest level in 16 years, as global markets continued to grapple with the negative impact of the coronavirus pandemic on the global economy.

Coronavirus bites harder
Already the crash has driven oil prices below government approved estimates in the 2020 budget, forcing a cut in the budget by 20 per cent and revision of the oil benchmark price to $30 per barrel.

It was learnt that members could not agree on how much should be drawn from the excess crude account to augment the allocation, as the balance in the account is at its lowest level.

At the end of the FAAC meeting for last January, the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa-Dutse, announced the balance in the excess crude account as at February 19 stood at a paltry $71.81 million.

PREMIUM TIMES learnt that since the committee could not agree on the amount to share, members resolved to shelve further discussion and allow the Minister to take the matter before the National Economic Council (NEC) on Thursday.

The council chaired by Vice President Yemi Osinbajo, has the state governors of all the 36 states and the FCT as members, apart from the governor of the Central Bank of Nigeria (CBN), ministers and key officials as co-opted members.



.

Any devt about Faac meeting?

[quote author=Chibuking81 post=87564855]BREAKING NEW
FAAC Ends in Deadlock ON MARCH 18, 2020 8:43 PMIN NEWS By Emmanuel Elebeke

Any devt?
FAAC The monthly meeting of the Federal Accounts and Allocation Committee (FAAC) slated for Wednesday, March 18, has ended inconclusive. Though, the reason for the inconclusiveness was not made known as at the time of filing this report, but Vanguard learnt that the reason was not unconnected with the reconciliation of NNPC accounts.

The Director, Information and head of Press and Public Relation in the Ministry of Finance, Hassan Timon Dodo, who spoke on the development, told journalists that the meeting ended inconclusive and had been rescheduled for another date, “Gentlemen, this briefing cannot hold because the FAAC meeting ended inconclusive and has been rescheduled for another date.

“We are sorry for the inconvenience this may cause you but be rest assured you will be re-invited for the briefing on a later date.’’ Vanguard gathered that this developmen

[quote author=sam1980000 post=87627914]PT MAG AD
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Statutory Allocation: FAAC stalemate to be resolved at NEC
March 19, 2020Bassey Udo
FAAC Meeting used to illustrate the story [Photo: Presidency]
FAAC Meeting used to illustrate the story [Photo: Presidency]
Related News
Adeosun calls crucial meetings as low NNPC revenue stalls allocation to states, others
FAAC stalemate: Workers won't get salaries, Bayelsa govt says
Again, FAAC meeting ends in controversy over NNPC finances
Again FAAC meeting cancelled over poor NNPC revenue returns
Emergency FAAC meeting ends without resolving crisis
A stalemate at the Federation Account Allocation Committee (FAAC) meeting on Wednesday over depleting statutory allocation is expected to be resolved at the National Economic Council (NEC) meeting holding in Abuja.

Any Devt On This Stalemate?

[quote author=kayusely70 post=87661443][/quote]


There's trouble!!!

It is well

Hustle oooo! Salary will delay. Corona is shaking world economy.

Federal govt channeling money to fight covid19.No payment for now

Sau24:
Federal govt channeling money to fight covid19.No payment for now

Stop spreading fake news

FAAC Shares N581.566bn February Allocation to FG, States, LGs

editorMarch 23, 2020 9:28 Pm

Ndubuisi Francis in Abuja
The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion F to the federal, states and local governments for the month of February.
This was announced after a rescheduled meeting of the Committee after it was deadlocked last week due to disagreement over revenue figures.
A communique issued by the FAAC indicated that from the total revenue of N581.566 billion, the federal government received N236.118 billion, states received N159.010 billion, and the local government councils received N119.305 billion.
Oil producing states received N45.310 billion as 13 per cent derivation revenue while the revenue generating agencies received N21.822 billion as cost of revenue collection.

The N581.566 billion shared comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account. It was announced that the balance in the Excess Crude Account (ECA) was $ 72.221 million.
The gross statutory revenue for the month of February 2020 was N466.058 billion. This was lower than the N525.253 billion received in January by N59.195 billion.
Also for the month of February, the gross revenue available from VAT was N99.552 billion as against N104.758 billion in the previous month, resulting in a decrease of N5.206 billion.

hakeemlyon:
FAAC Shares N581.566bn February Allocation to FG, States, LGs

editorMarch 23, 2020 9:28 Pm

Ndubuisi Francis in Abuja
The Federation Accounts Allocation Committee (FAAC) has shared a total of N581.566 billion F to the federal, states and local governments for the month of February.
This was announced after a rescheduled meeting of the Committee after it was deadlocked last week due to disagreement over revenue figures.
A communique issued by the FAAC indicated that from the total revenue of N581.566 billion, the federal government received N236.118 billion, states received N159.010 billion, and the local government councils received N119.305 billion.
Oil producing states received N45.310 billion as 13 per cent derivation revenue while the revenue generating agencies received N21.822 billion as cost of revenue collection.

The N581.566 billion shared comprised Statutory Revenue, Value Added Tax (VAT), Exchange Gain, and revenue from Forex Equalization Account. It was announced that the balance in the Excess Crude Account (ECA) was $ 72.221 million.
The gross statutory revenue for the month of February 2020 was N466.058 billion. This was lower than the N525.253 billion received in January by N59.195 billion.
Also for the month of February, the gross revenue available from VAT was N99.552 billion as against N104.758 billion in the previous month, resulting in a decrease of N5.206 billion.

Just heard it on the news now.

Sau24:
Federal govt channeling money to fight covid19.No payment for now

Don't know what people gain by spreading negative fake news

https://www.thisdaylive.com/index.php/2020/03/23/faac-shares-n581-566bn-february-allocation-to-fg-states-lgs/

The sharing is a good news irrespective of shortfall in revenue, at least salary will be paid on or before 31st March, I.e 7/8 days after FAAC sharing.

I saw a news on vanguard yesterday about the NLC strike. Who else can confirm this?

The strike is in effect in Rivers State

sam1980000:
I saw a news on vanguard yesterday about the NLC strike. Who else can confirm this?

kebosky:
The strike is in effect in Rivers State

It was in the news this morning?

NLC are just stupid
...what's d strike for when d country z on locked down...instead of them thinking of ways of asking the govt to support d masses they are going on strike ...that body z just rubbish

Please am involved oh.what is the news?[/quote]

"Coronavirus: Rivers goes into 6am to 6pm shutdown from Thursday - Businessday NG" https://businessday.ng/breaking-news/article/coronavirusrivers-goes-into-6am-to-6pm-shutdown-from-thursday/amp/

Forget about strike.Repent for the rapture is here with us. In you alone I put my trust

Coronavirus: Edo govt pays workers March salaries to cushion effects of pandemic*

Poised to minimize the effect of the economic disruptions caused by the spread of the coronavirus (COVID-19) pandemic, the Edo State Government has paid civil and public servants March 2020 salaries.

In a statement, Special Adviser to the Governor on Media and Communication Strategy, Mr. Crusoe Osagie, said the state government ensured prompt payment of salaries to make sure civil and public servants are able to manage disruptions caused by the pandemic, which has led to the slow grind of economic activity across the country.

According to him, “The Edo State Governor, Mr. Godwin Obaseki, directed payment of salaries as a means to cushion the effects of the coronavirus pandemic in the state. We are very much aware that the disruptions in economic activities would affect the buying power of citizens and workers, hence the need to ensure prompt payment.

“There is no denying that this move would provide the needed economic support for workers to stabilize in the light of the measures taken to halt the spread of COVID-19 in the state.”

He added that the state government would soon rollout its economic stimulus package aimed at ensuring that the state is above board and meets its statutory responsibilities in the face of the challenges of COVID-19 outbreak and the effects of a low crude oil price regime currently disrupting oil-dependent countries across the world.

https://leadership.ng/2020/03/25/coronavirus-edo-govt-pays-workers-march-salaries-to-cushion-effects-of-pandemic/

M hoping we will b paid b4 d lockdown

gold360:
M hoping we will b paid b4 d lockdown

Hmmm....lock down starts 6pm today. Barely two hours. It'll be a miracle. Bit that would've been the right thing to do.

Sau24:
Federal govt channeling money to fight covid19.No payment for now

Why are you and idiot? Stop spreading fake news ok! Agents of Satan.

dmercy141983:


Why are you and idiot? Stop spreading fake news ok! Agents of Satan.

Rude!