₦airaland Forum

Eco bank has paid

Just saw Unity Bank with about 3,900 naira deductions. If that's their problem in life, let them have it. I dash them

Abuchi17:
To bad of FCMB, they just suddenly resorted to paying a day after other banks, hope they will pay today, need to shop and stock, I don't understand how this Covid wahala dey go

Shop and stock with 60 something K. Show me the market oo. Only rice and garri don swallow the whole pay. Lol

They've published that naija has entered another recession. I hope it won't lead to nonpayment of salaries as it was in 2016?? Only God will save nigeria

endy83:
Alert received from zenith bank with #5000 deduction,wike wicked.

When we were seriously hoping for some addition. Naija go fit change at all? It is well.

[quote author=tutudame post=95353814][/quote]Motivation! Motivation!! Motivated!!!
This thread is even more important than alert thread. Kudos for your insightful posts.

sammymarvin:
I cry when I see this thread sometimes....we are just a reflection of Nigeria...it's not even month end but our crumbs can't hold us together...I guess we are all happy where we are....I made an estimate our annual salary is not up to a senators monthly salary ....but we come here and beg for pay.....I was expecting us to do something during the recent protest at least table our demands eg....salary increment....non promotion.. review of our allowance etc ...even most of us d sch we teach don't have toilets...no accomodation .....but here we are waiting for the normal ...can't we sorosoke .....and we are meant to correct d norms in d society when we cannot even stand on our own...our salaries where chopped off and we all looked and allowed it .....but d same NUT are not saying anything about our promotion ...and d new minimum wage....who will b happy if a child of 2years has refused to walk needless of crawl.....we are now 7yrs we can even crawl.....and u know what pains me d most we jump at any little addition as if they have done us good .....I JUST WEEP

You don't need to weep. People are wiser these days. Many people come here to spy out if one of their income sources has yielded it's monthly fruit. 2013 teachers are a different crop. They've decided not to be like their seniors in the profession. In Naija today, you assemble from different sources before you can survive, and these days teachers know that. So, wipe your tears.

This thread "6 6 6", you no wan move? You don too delay oo. Lol

You guys want to scare governors. When even minimum wage payment , they are struggling

This 5,370 wey dem remove pain me sha

masterchi:
God brother, God.
There is no such thing as 'enough money'

Absolute truth. Only God sustains

masterchi:
baba my mood dey okay Everytime oh..lol

What's the secret?

kac13:
September alert seen,Zenith Bank,5k deducted.

5k? That's a hell of a deduction.

masterchi:
chairman no insult us abeg. We get cash for sub, nothing dey to talk

Smiles. Don't worry from tomorrow alerts will start flying and the moods will improve. Lol

MaxAngellyn:
The way this forum quiet ehnnnnn......

The month has matured. No cash for sub

NothingLikeLove:
I collected from zedvance https://online.zedvance.com/#/onboarding/register?referrer=652421. and was credited within minutes after filling in my details.

Loan is sweet to take, but repayment bites hard. Lol

Any update on reopening of schools for Rivers State exit students?

Unity Bank has paid

Ecobank has paid

FG, States, LGs Share ₦547 Billion For May Allocation

The ministry stated that from this amount, inclusive of Value Added Tax, exchange gain and EXCESS BANK CHARGES recovered, the Federal Government received N 219.799bn;

It's now obvious to me that they increased our pay only to collect it back through VAT and excess bank charges. What leaves my account as bank charges monthly can afford a good quality pot of soup, not to talk of the increased prices of goods due to VAT increment

ChyChy17:
Hello colleagues. Someone once posted a number to call for Zedvance loan. Can the person please drop that number for me again. I can't seem to find it. Thanks

07033989729

Abuchi17:
Good morning colleagues, Hope we are staying safe, few months back I was here asking for a guide on how to get loan from fcmb, thanks for those that responded positively especially Mr Peter, am grateful, well I did apply and I was approved for 700k, but my banker called me last week that the loan is put on hold, why? Because carbon and branch loan apps reported me to Nigeria credit bureau and that I need to clear the debts with them before the bank will disburse the loan. Am owing both of them 20k. If I can get a bail of 20k from any one willing here I would pay back 25k next week either from my salary or the loan disbursed by my bank. I never knew this online apps meant it, it's just last December I borrowed from them. Pls if you can help me out don't hesitate to reach me on 09033705225 let's discuss further, I teach in Tai LGA but I leave at Rumuodara in PH. Thanks as I anticipate urgent and positive response

You mean FCMB approved a whooping 700k loan for you with your meagre salary? Pls share the secret here. Thanks

Thank God, Unity Bank has paid.

Howbeit, it's with -3k. We go still survive, God is in charge

GamaG:
I thought FAAC shared 634 billion for April on Friday

Very old news, not this year.

President Muhammadu Buhari has directed that $150 million be withdrawn from the National Sovereign Investment Authority (NSIA).

Zainab Ahmed, the minister of finance, budget and national planning, disclosed the approval while addressing journalists in Abuja on Monday.

Ahmed said the withdrawal would be made from the NSIA stabilisation fund to augment disbursements by the federation accounts allocation committee to the three tiers of government for June 2020.

“Monthly federation accounts disbursements to the federal governments and the state government are ideally projected to have been N888 billion. Due to the significant drop in crude oil prices, FAAC monthly disbursements have declined in recent months to 716 billion in January, N647 billion in February and further down to N581 billion in March 2020,” she said.

“Our experience shows that monthly average FAAC receipts should be at N650 billion to allow the federal and state government to meet their current obligations in a healthy manner.

“Unfortunately, we project that monthly receipts may decline to as low as N400 billion over the next three to six months. To address this emerging fiscal risks, the president has approved that the sum of $150 million be withdrawn from the Nigerian Sovereign Investment Authority stabilisation fund to support the June 2020 FAAC disbursements.

“The fund was created for such emergencies and is to be utilised for this purpose.”

Ahmed said the federal government is exploring other options to augment FAAC disbursements over the course of the year.

The three tiers of government usually rely on FAAC disbursements and internally generated revenue to meet obligations like salary payments.

The NSIA stabilisation fund accounts for 20% of the assets held by the authority.

A description of the fund on the NSIA website says the fund will provide “stabilisation support to the federation revenue in times of economic stress”.

Brent Oil price jumps from $20 to about $34. Happier times ahead

Monday is finally here. Lol. It's been a long weekend

gold360:
M hoping we will b paid b4 d lockdown

Expect alerts to start flying in by tomorrow. Wike is human and not heartless

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

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

Stop spreading fake news

It is well

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Saturday, March 21, 2020
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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]
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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.



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