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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by the federal, states and local governments from the Federation Account falls below N680 billion, funds should be withdrawn from the Excess Crude Account to augment the shortfall to at least N680 billion.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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AirFireEarthH20:
Ur whatsapp contact plz

001bumsa:
Salary don land o, but the thing com reduce to 76k

Apraise:
Minimum wage,and I believe that is what is holding the payment.Government will want to delay so that strike will also delay.This is just my opinion.

edin:
NLC strike loading

gold360:
alert will start raining this evening, hopefully with one or two months minimum wage arrears.
Amen

tutudame:
E don be oooooo!!!!!Alert don go long vacation.

Chibuking81:
All will be paid on or before 27th, been Thursday. Payment will likely start between Tuesday/Wednesday and concluded on Thursday. This is because it take 3 working days from the FAAC sharing, for check / or the lodgement of the money pay to each 36 state to clear in their account.

FAAC was shared on Wednesdays 19th February, therefore the 3 working day started on Thursday, and will be due on the close of banking business on Monday ( at close of business on Monday, the money will be set). Then on Tuesday all the salary banks will receive their customers portion and will commence payment the same day, or the next day.

Purity001:
Wrong information.
Allocation have been shared.

Sau24:
Fake news

emekatex:
Strike Looms in Rivers As NLC Sends Strong Warning To State Government, See Why
opera.com Feb 1, 2020 4:28 PM




Civil servants in Rivers state may be heading for a show down with the state government over the issue of the thirty thousand naira national minimum wage.

This follows a call by the Rivers state Council of the Nigeria Labour Congress for the state government to immediately reconvene a meeting of the negotiation committee on the National minimum wage.

In a communique issued at the end of a meeting of all public sector Unions affiliated to the NLC, the union said what was paid to workers as January Salary was no a reflection of the new National Minimum Wage.

The communique which was signed by the Chairperson of NLC in Rivers state, Beatrice Itubo added that the amount that was paid was not a product of the principle of collective bargaining between the government and the labour.

The communique read in part, " arising from a meeting of all public sector unions affiliated to NLC at the state Secretariat today, the unions resolved that what was paid as January salary was not a reflection of the new National Minimum Wage nor a product of the principle of collective bargaining between the Government and Labour.

"NLC also insisted that henceforth it will not tolerate the nonchalant attitude of the government towards its employees and urge workers to be at alert and committed to their work as well as remain resolute as NLC will not be complacent rather must ensure that their welfare is given top priority".

Last week the state government paid the January salaries to state workers but some civil servants claimed that what they received did not reflect the new minimum wage structure.

Abuchi17:
I THINK THOSE WHO HAVE RECEIVED CAN HELP US TO CLEAR THIS CONFUSION, ANYBODY ON 8/3 AND 8/4 CAN JUST TELL US WHAT THEY RECEIVED AND THAT CLEARS IT OR BETTER STILL WE WAIT FOR OUR ALERT TO CONFIRM THE ACTUAL INCREMENT. HOWEVER I DONT KNOW WHAT IS HOLDING MY DEAR FCMB

otubobo:
...somebody in ecobank ube also received

dexpee4life:
information reaching me concerning your question is that The 79K is also for Level 8.3 but its for those that are not into contributory Pension.
Whereas those into the Contributory Pension and on 8.3 are getting 74K. I dont know the modalities being used in the calculating it. Thanks

001bumsa:
Salary has dropped for January ube. Saw 79k. Zenith bank

Chibuking81:
Where one work, there shall he eat,our hope is always in God who provide for us through this job and if we don't have up to 70% hope in this job nobody will be visiting this page. As far as we have not resign, this job still remain our main stream.

Those who has gotten other job and resign don't have any business with this page. A wife been deceived by another woman or man, will no the value of her former husband, she will discover that husband is scarce, she will know that harmattan do come with cold.

I love your faith bro!

What I want to tell us is that, as far as nobody has received salary up till now, let us expect our minimum wage increase in our salary any moment this week because it is coming with this month salary, there is no longer doubt about it. It is 99% certain.

sam1980000:
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.