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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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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by the federal, states and local governments from the Federation Account falls below N680 billion, funds should be withdrawn from the Excess Crude Account to augment the shortfall to at least N680 billion.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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So some 2013 teachers are now head teachers?

BenUmor:
The way the trcn people are planning to go about their hustle even Sunday school teachers might be arrested to buy their license..nawa o

hahahaha. But come to think of it, have they considered what the teacher to student ratio will be if they flush out (as they put it) the unlicensed teachers out of the classrooms. Because I'm sure majority of teachers have not registered. I hope this guys will not misfire at last. Moreover, does their license automatically make one a good teacher? Me am not perturbed oo. Let me see how this whole thing will end

Chibuking81:
Has anyone from Zenith bank gotten 3 months minimum wage make up arrears salary?. Zenith bank customers pls confirm.

Did they say they will pay?

Sau24:
Your own is about salary, nothing else

What else? You picked this job in the first place because of salary. All other posts in this thread is still because of salary (money). Which different information did you give that will not lead to salary in the end? If there is any, then that's not what this thread is all about. So leave the young man alone.

gold360:
Good day my people. Una Don collect alert finish, this place is now suddenly as quiet as a graveyard... We will meet again by February 26,
Lol

Yes. We are on leave till close to FAAC meeting period, then we'll show up again. Lol

Meanwhile you all should remember to honor God with your first fruit, so that He will fill your barns (bank accounts) with plenty of money. However, this is not for everyone, it's for the wise.

Any moment from now, this thread will start increasing speedily in length carrying pleasant news. lol. I think if it does not start dropping today, then the delay may not be unconnected to the minimum wage issue.

barika2011:
My broda you have said it all...I have a sister dat has d teaching job,and has travelled out of the country,
for years now,and married also..and she still receives her pay..once you ve gotten dis job(rivers state civil service) you have it until retirement ,whether their is TRCN threat,or nominal roll inclusion, supervisor threat all na surface gragra...anybody dat loses dis job is one dat has a big mouth and spews everything and anything without thinking..

You already spewed alot. We know that to so many persons, this job is like having their own share of Rivers State cake and it's not their main income source Don't mind some of the posts you see here o. Moreover, I don't think it's out of the 65k you were paid some time in December that you did data subscription. That you are able to open this site alone at this time reveals alot. What about those of us who pay transport to sign attendance just to keep this small cash flowing in, where did they get the transport, is it savings from the 65k? Hahahhaha. People are wiser now bro.

Some contents I see here prove there are MOLES among us in this thread. The way they defend the government/governor as against the interests of teachers baffles me.

If we don't receive new minimum wage increment on our salaries when this January salaries will be paid, then all hell will be let loosed. We are watching.

otubobo:
they can also fire you..politicians also have people them want to put in positions, don't give them any opportunity...I did mine because I don't know what to expect from wike

Fire you? No worries my brother, the law's gat our back. Don't mind this 65k o, some of your colleagues are unintimidatable. Lol

Catalyst4eva:
Successful candidates in the exam are to proceed to the trcn office to apply for certificate and licence (4 emekuku street, D/line) with a copies of thier credentials and 3 passport photo after making payment to the bank as follows
CATEGORY A
Certificate fees. #10,000
Licence fees.#5000
CATEGORY B
Certificate fees #8000
Licence. Fees #4000
CATEGORY C
Certificate fees #6000
Licence. Fees #3000
CATEGORY D
Registration fees #3000
Licence fees. #3000
All payment is to be made in favour of teachers registration council of Nigeria via remita

This is just the reason for the threats. They just want to make more money, nothing else. I'm waiting for them to carry out their threats of throwing those who did not comply out of the classrooms. Let's wait and see

If you've not received unity bank alert and you are still waiting, just be informed that I have finished mine since. Check your balance and be kind enough to send my Christmas package. Merry Christmas

[quote author=ikem50 post=85148049]I want the pay to come by 1st January at least to reduce the rate of people saying,
"Bros I fit see 10k for your ✋ will give u back next week"
Pls oh no insult I know some people understand me.
Happy Xmas

Take no thought what you shall eat in January, God will provide. Moreover, this paltry salary doesn't even last more than two days. The same God that has always seen us through will continue to see us through. Merry Christmas

Stewart883:
Make una pray well oo,make the salary come because wike isn't smiling

. It will come if only you will stop being pessimistic

Finally FAAC has shared 635.826 billion naira.

Alerts to start flowing from thursday. Don't ask for source. It's just my guess

Unity Bank came a while ago. Wish this early payment will turn the norm, but knowing the country we are in, we'll have up to 39 days until next payment. Meanwhile ya'll enjoy your money. Good night

Wow. How fast. Alerts could start flying in by next friday

Eco bank confirmed

Unity Bank Credit alert made by AIICO Insurance PLC instead of Rivers State Govt. Could this be the reason for the delay? Somebody tell me what's going on. I smell something. Any way I am grateful to God.

thread 612, the fastest ever to conclude. when a thread's length increases so fast, it's a sign of good things. lol. enjoy while the happy alert raining time last

looks like the rest will show tomorrow.

I think all these TRCN talks should be brought up after the alerts

It's not surprising. Month end's on 5th of the new month to our administrators.

It seems Unity will be the last bank to receivw this time around

with or without minimum wage, let the rain fall

I hope the long awaited rain will fall today?

Hello good afternoon, can someone advice me on how to make payment for saqa for cert verification. I'm Nigeria. I tried GTBank, it didn't work

Dear House, can someone help with details on how to add staff information on rivemis website?

Nabietonye:
At least this will be a consolation to Rivers State Civil Servants since our Oga the government has refused to promote us.

Pls what will be the actual take home for level 8, step 4?





Breaking: Senate approves N30,000 minimum wage March 19, 2019
The Nigerian Senate has approved the sum of N30,000 as the new national minimum wage.
This followed the submission of the report of the ad-hoc committee on new minimum wage headed by Senator Francis Alimikhena.
The upper chamber asked the Federal Government to submit a supplementary budget to cover the new wage structure for consideration and approval .
The new minimum wage bill had already been approved by the House of Representatives.

When is implementaion expected to begin?