Sau24:
Fake news

Yeah... I just found that.

Tekzyflex:
The Federation Accounts Allocation Committee (FAAC) has shared a total of N610.368 billion to the three tiers of government, Naija News understands.


According to a statement on Wednesday by the Director of Information at the Ministry of Finance, Hassan Dodo, the money was the federal revenue generated in the month of January but shared in February.

The statement quoted the Accountant General of the Federation, Ahmed Idris, as making the disclosure while briefing reporters at the end of the FAAC meeting held in Abuja.

Mr Idris said the Minister of Finance, Zainab Ahmed, was to approve additional N50 billion from the Foreign Exchange Equalisation Account.


He added that the money would be distributed accordingly while the Excess Crude Account (ECA) currently stands at $249 billion.

A communique issued by FAAC revealed that from the N610.368 billion, the Federal Government received N252.412 billion, the states received N170.541billion, while the local governments received N127.923 billion.

The oil-producing states received N41.992 billion as 13 per cent derivation revenue while the revenue generating agencies received N17.5 billion as the cost of revenue collection.

The gross revenue from Value Added Tax (VAT) was N104.468 billion as against N100.760 billion distributed in the previous month, resulting in an increase of N3.708 billion.

Wrong information.
Allocation have been shared.

Purity001:

Wrong information.
Allocation have been shared.

Yeah! I think it's an old info. Thanks

Purity001:

Wrong information.
Allocation have been shared.

Do you mean HAVE BEEN SHARED or have NOT been shared

kingsjeroneyah:

Do you mean HAVE BEEN SHARED or have NOT been shared

Sorry
NOT BEEN SHARED

Purity001:

Sorry
NOT BEEN SHARED

ALLOCATION WAS SHARED LAST WEEK.

FAAC disbursement hit 4-month high to N716bn in January
...new VAT rate to boost FAAC in 2020

FAAC disbursement hit 4-month high to N716bn in January
By Segun Adams on February 13, 2020
The Federation Account Allocation Committee (FAAC) disbursement to the three tiers of government rose to a four-month high in January, and is expected to increase in the coming months fuelled by the recent hike in VAT rate.


Analysts at Lagos-based Financial Derivatives Company in their monthly breakfast report for February said FAAC rose 12.61 percent on a monthly basis to N716bn in January.

This is for revenue generated in December.

Under the FAAC arrangement, revenue generated from sales of crude oil, Value Added Tax (VAT), corporate tax, etc. are shared among all three tiers of government based on a formula.


Most states in Nigeria depend on disbursements among the three tiers of government for at least 80 percent of their revenues, hence the increase in allocation in January, after FAAC fell to least 7-month low in December, will help fund their spending.

For 2020, FAAC is expected to increase in the coming months on the back of the increase in VAT to 7.5 percent which took effect in February.


Hence, revenue to be shared in March will likely see an increase as VAT component of income generated grows.

Analysts at FDC estimate an increase in revenue by N2.5trn.

A breakdown of January FAAC is expected to be published by the National Bureau of Statistics (NBS).

The existing sharing formula allocates 52.68 percent, 26.72 percent, and 20.60 percent of FAAC for FG, States (including Abuja) and local governments respectively under statutory allocation.

Eighty-five percent of VAT will go to states and local government to enable them meet obligations like payment of new minimum wage while 15 percent goes to FG.

In addition, states with mineral resources and oil also receive extra allocation based on the 13 per cent derivation principle.

In December, the Federal Government received N267.883 billion, the States received N172.569 billion, Local Government Councils got N129.972 billion, while the oil-producing states received N49.124 billion as 13 percent derivation mineral revenue.

Apraise:
FAAC disbursement hit 4-month high to N716bn in January
...new VAT rate to boost FAAC in 2020

FAAC disbursement hit 4-month high to N716bn in January
By Segun Adams on February 13, 2020
The Federation Account Allocation Committee (FAAC) disbursement to the three tiers of government rose to a four-month high in January, and is expected to increase in the coming months fuelled by the recent hike in VAT rate.


Analysts at Lagos-based Financial Derivatives Company in their monthly breakfast report for February said FAAC rose 12.61 percent on a monthly basis to N716bn in January.

This is for revenue generated in December.

Under the FAAC arrangement, revenue generated from sales of crude oil, Value Added Tax (VAT), corporate tax, etc. are shared among all three tiers of government based on a formula.


Most states in Nigeria depend on disbursements among the three tiers of government for at least 80 percent of their revenues, hence the increase in allocation in January, after FAAC fell to least 7-month low in December, will help fund their spending.

For 2020, FAAC is expected to increase in the coming months on the back of the increase in VAT to 7.5 percent which took effect in February.


Hence, revenue to be shared in March will likely see an increase as VAT component of income generated grows.

Analysts at FDC estimate an increase in revenue by N2.5trn.

A breakdown of January FAAC is expected to be published by the National Bureau of Statistics (NBS).

The existing sharing formula allocates 52.68 percent, 26.72 percent, and 20.60 percent of FAAC for FG, States (including Abuja) and local governments respectively under statutory allocation.

Eighty-five percent of VAT will go to states and local government to enable them meet obligations like payment of new minimum wage while 15 percent goes to FG.

In addition, states with mineral resources and oil also receive extra allocation based on the 13 per cent derivation principle.

In December, the Federal Government received N267.883 billion, the States received N172.569 billion, Local Government Councils got N129.972 billion, while the oil-producing states received N49.124 billion as 13 percent derivation mineral revenue.

https://punchng.com/faac-allocates-n716bn-to-fg-states-lgs/
FAAC has not share money for February, the one you posted was that of last months.

FAAC just shared #647.35 Billion this afternoon to federal, state and lga's.

FAAC: FG, States, LGs share N647.353bn for January, 2020.

By Economic Confidential - February 19, 2020

FAAC: FG, States, LGs share N647.353bn for January, 2020.
The Federation Accounts Allocation Committee (FAAC) in Lagos at its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Dr. Mahmoud Isa-Dutse, shared to the Federal Government, States and Local Government Councils a sum total of N647.353 billion as federal allocations for the month of January 2020.

From this amount, inclusive of Gross Statutory, VAT, Exchange Gain difference, and distribution from non-Mineral Revenue, the Federal Government received N267.389 billon, the States received N176.923 billion, Local Government councils got N132.944 billion, while the oil producing states received N46 billion as derivation (13% Mineral Revenue).

However, cost of collection/FIRS, and NCS Refund/ Allocation to NEDC was N23.900 billion.

In a communique issued by the Federation Accounts Allocation Committee (FAAC) at the end of the meeting, indicated that the Gross Revenue available from the Value Added Tax (VAT) for January 2020 was N97.425 billion as against the N106.769 billion distributed in the preceding month of December 2019, resulting in a decrease of N9.344 billion. The distribution is as follows; Federal Government got N14.614 billion, the States received N48.6174 billion, Local Government Councils got N34.009 billon.

The distributed Statutory Revenue of N508.686 billion according to the communique received for the month was lower than the N565.261 billion received in the previous month by N56.575 billion, which was also distributed as follows; Federal Government received N243.704 billion, States received N123.610, Local Government Councils got N95.298 billion while oil producing states derivation received N46.074 billon.

The total revenue distributable for the current month (including cost of collection to NCS, DPR and FIRS) according to the committee is N647.353 billion, adding that as at February 19th, 2020, the Excess Crude Account (ECA) is $71.814million.

Read more at: https://economicconfidential.com/2020/02/faac-states-share-n647-353bn-for-january-2020/

The FAAC sharing is a good news, upon the corona virus which brought down the price of Brent crude oil price from above $60 down to $53 far below the budget benchmark of $58, upon that they still shared above 600 billion naira, I thank God the price has gradually move up again to $58.

On or before 28 February next week, we shall all get our salary.

Your own is about salary, nothing else

Sau24:
Your own is about salary, nothing else

All your last 21 post was all about salary and payment.
Follow this link to check https://www.nairaland.com/sau24/posts

Chibuking81:

All your last 21 post was all about salary and payment.
Follow this link to check https://www.nairaland.com/sau24/posts

savage

Chibuking81:

All your last 21 post was all about salary and payment.
Follow this link to check https://www.nairaland.com/sau24/posts

funnyyy

[quote author=trexglox post=86843012]funnyyy[/iquote]

Very funny

[quote author=Apraise post=86843634][/quote]


So funny

The cure to Coronavirus is chloroquine

Chibuking81:

All your last 21 post was all about salary and payment.
Follow this link to check https://www.nairaland.com/sau24/posts

Very funny indeed

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.

sam1980000:
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.

please when are we expecting alert jare? I accepted this job because of money and nothing else. Though i like teaching but I wouldn't have done it free if money was not involved. Hence, the end point of all the info here is money and nothing else.

emekatex:
please when are we expecting alert jare? I accepted this job because of money and nothing else. Though i like teaching but I wouldn't have done it free if money was not involved. Hence, the end point of all the info here is money and nothing else.

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 cheques / 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 days 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 been Wednesday. ( some banks usually delay the money for extra one day)

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.

I like this guy!!!!

Please who can intimate us with the content and progress of the meetting which held on friday between Labour and Rivers state government. I head some progress were made but don't know what it is.

Hi, pls I saw this somewhere, can someone pls explain it ?

hmmmmmm

Hello honourable colleagues, I heard from someone (a senior colleague) in my school that Governor Wike has agreed to pay the 9months minimum wage arrears but would split it for three months. Did someone hear the same or similar information?

emekatex:
Hello honourable colleagues, I heard from someone (a senior colleague) in my school that Governor Wike has agreed to pay the 9months minimum wage arrears but would split it for three months. Did someone hear the same or similar information?

I believe in "I'm possible"

Till we see it. Don't worry yourself.

emekatex:
Hello honourable colleagues, I heard from someone (a senior colleague) in my school that Governor Wike has agreed to pay the 9months minimum wage arrears but would split it for three months. Did someone hear the same or similar information?

. I believe because Wike has a lion heart when he wants to do what he wants to do

waliezi:
. I believe because Wike has a lion heart when he wants to do what he wants to do

Hmmmmm you son come ooooo

emekatex:
Hello honourable colleagues, I heard from someone (a senior colleague) in my school that Governor Wike has agreed to pay the 9months minimum wage arrears but would split it for three months. Did someone hear the same or similar information?

Heard same too