The Federation Account Allocation Committee (FAAC), at its meeting yesterday, approved the sharing of N990.189 billion to the three tiers of government, as revenue from the month of December 2022. https:///3iGD4s9

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When Buhari took over, there was global recession. The 3 tiers of government shared as low as 400 billions naira. Reason why states were unable to pay workers salary.

Nigerians never ask questions and easily forget things.

Last year there were some months that NNPC did not remit Kobo into federation account.

Nobody cares to ask where federal government is getting monthly allocation from

B

Noted, hope Abia state, can now pay salaries?

Biodun556:
When Buhari took over, there was global recession. The 3 tiers of government shared as low as 400 billions naira. Reason why states were unable to pay workers salary.

Nigerians never ask questions and easily forget things.

Last year there were some months that NNPC did not remit Kobo into federation account.

Nobody cares to ask where federal government is getting monthly allocation from

The value of 400 billion in 2014 is almost the same with the value of 900 billion in 2023

jimyjames:

The value of 400 billion in 2014 it's almost the same with the value of 900 billion in 2023

Lol, good catch always adjusts for inflation. Nominal numbers can easily fool people.

jimyjames:

The value of 400 billion in 2014 is almost the same with the value of 900 billion in 2023

It is never the same

Since 1999, the average monthly FAAC shared by fed, state and lg is between 600 to 700 billion

The 400 billion was as a result of global recession and that was why many states could not pay salaries

Buhari must be commended for saving Nigeria from collapsing

Biodun556:


It is never the same

Since 1999, the average monthly FAAC shared by fed, state and lg is between 600 to 700 billion

The 400 billion was as a result of global recession and that was why many states could not pay salaries

You don't get the point
Naira had value back then , check the value of naira today

The worth of 400 billion in 2014 is almost the same with the worth of 900 billion today

How much was 1 dollar to naira then and how much is dollar to naira today?

Delta, Bayelsa over to you

jimyjames:

You don't get the point
Naira had value back then , check the value of naira today

The worth of 400 billion in 2014 is almost the same with the worth of 900 billion

How much was 1 dollar to naira then and how much is dollar to naira today?

It is not about naira value. Many government activities were down in that period compare to now

The bulk of the 990 billion comes from custom, loan and improved non oil sectors

Biodun556:


It is not about naira value. Many government activities were down in that period compare to now

What are you talking about? It's no longer about the money allocated to states again?

Biodun556:
When Buhari took over, there was global recession. The 3 tiers of government shared as low as 400 billions naira. Reason why states were unable to pay workers salary.

Nigerians never ask questions and easily forget things.

Last year there were some months that NNPC did not remit Kobo into federation account.

Nobody cares to ask where federal government is getting monthly allocation from

This one is a confirmed Olodo

jimyjames:

You don't get the point
Naira had value back then , check the value of naira today

The worth of 400 billion in 2014 is almost the same with the worth of 900 billion today

How much was 1 dollar to naira then and how much is dollar to naira today?

Though, I'm not interested in this conversation but nevertheless.

I agree with you.

But the truth is, as long as standard of living, population, GDP, technology of a country increases, same way the currency exchange, prices of commodities increases.

I'm sure you wouldn't wanna compare Nigeria of 1999 to 1943

And Nigeria of 2022 to 1999

As regards to price of commodities, exchange, population and Standard of living, technology.


By 2050, you'll understand what I'm trying to say

Sammy07:


Though, I'm not interested in this conversation but nevertheless.

I agree with you.

But the truth is, as long as standard of living, population, GDP, technology of a country increases, same way the currency exchange, prices of commodities increases.

I'm sure you wouldn't wanna compare Nigeria of 1999 to 1943

And Nigeria of 2022 to 1999

As regards to price of commodities, exchange, population and Standard of living

Many people don't know the role custom duty is playing in Nigeria treasury

Please compare the performance of custom under Buhari to other government before him

Custom generate trillions of naira.

The single treasury account also help Buhari government from collapsing

Share and swallow.

Biodun556:


It is never the same

Since 1999, the average monthly FAAC shared by fed, state and lg is between 600 to 700 billion

The 400 billion was as a result of global recession and that was why many states could not pay salaries

Buhari must be commended for saving Nigeria from collapsing

borrow pose.

Biodun556:


Many people don't the role custom duty is playing in Nigeria treasury

Please compare the performance of custom under Buhari to other government before him

Custom generate trillions of naira.

The single treasury account also help Buhari government from collapsing

Yeah, they play a huge role.
But are not doing enough.

Truth is, Nigerians like solving problems from the top instead from the bottom or root.

Every policies or most policies, that Nigeria government has been implementing since 1999. They are very beautiful and good. In fact they are very okay.
But the problem is implementation, that's why fiscal policies (closing of borders) & monetary policy (cashless policies) effects are not showing

Blue3k:


Lol, good catch always adjusts for inflation. Nominal numbers can easily fool people.

If inflation is relegating government revenue. It is normal for government to look inward. That was why they increased VAT and custom duties and this is the result

jimyjames:

What are you talking about? It's no longer about the money allocated to states again?

Because of global recession, endsars crises was why federal executive council approved increments of Value Added Tax (VAT), custom duty etc
And this is the result

Decrease of Value of naira can only decrease government revenue, it can never lead to this huge cash

Biodun556:


If inflation is relegating government revenue. It is normal for government to look inward. That was why they increased VAT and custom duties and this is the result

Yes government has to tax more to stay afloat due to their monetary policy. They should take credit for their fiscal and monetary policies. Assuming the Inflation rate is 10% you have to earn 10% more just to maintain current standard.

Biodun556:


Because of global recession, endsars crises was why federal executive council approved increments of Value Added Tax (VAT), custom duty etc
And this is the result

Decrease of Value of naira can only decrease government revenue, it can never lead to this huge cash

Which huge cash , if 900 billion is almost equal to 400 billion in 2014 , then how is that huge?

Sammy07:


Though, I'm not interested in this conversation but nevertheless.

I agree with you.

But the truth is, as long as standard of living, population, GDP, technology of a country increases, same way the currency exchange, prices of commodities increases.

I'm sure you wouldn't wanna compare Nigeria of 1999 to 1943

And Nigeria of 2022 to 1999

As regards to price of commodities, exchange, population and Standard of living, technology.


By 2050, you'll understand what I'm trying to say

Nigeria is ranked below standard in almost all aspects of a 21th century standard


Nigeria in the 40s 50s was not ranked this poorly according to the world standard at that time

jimyjames:

The value of 400 billion in 2014 is almost the same with the value of 990 billion in 2023

You're wrong.

In 2014 January, the exchange rate was circa $1-N160 at the parallel market or black market. It is now N730. I use the black market rate as that is what goods and services in the market place are priced at and not the audio official rate.

N400bn was the equivalent of $2.5bn then while N900bn today is around $1.36bn. That is about almost half the value in real terms.

Nigerians have jammed 'one chance' since 2015

grandstar:


You're wrong.

In 2014 January, the exchange rate was circa $1-N160 at the parallel market or black market. It is now N730. I use the black market rate as that is what goods and services in the market place are priced at and not the audio official rate.

N400bn was the equivalent of $2.5bn then while N900bn today is around $1.36bn. That is about almost half the value in real terms.

Nigerians have jammed 'one chance' since 2015

Yeah, I didn't do the calculation I only guessed, that's why I said , (almost the same)

jimyjames:

The value of 400 billion in 2014 is almost the same with the value of 900 billion in 2023

They can only fool idiots! Actually 900Billion today is less than 400 billion under Jonathan.

How much of that is coming from China

Biodun556:


It is never the same

Since 1999, the average monthly FAAC shared by fed, state and lg is between 600 to 700 billion

The 400 billion was as a result of global recession and that was why many states could not pay salaries

Buhari must be commended for saving Nigeria from collapsing

What a load of crap. A good number of APC zombies are actually very low on intelligence.

Minimum wage in 2015 was 18k while a bag of rice was 12k. Minimum wage in 2023 has increased to 30k while a bag of rice is 35k.

Should we clap for buhari based on the above illustration? You should learn to understand issues perfectly.

Urchinpainer:

They can only fool idiots! Actually 900Billion today is less than 400 billion under Jonathan.

Yeah , I realized it after calculating

Biodun556:
When Buhari took over, there was global recession. The 3 tiers of government shared as low as 400 billions naira. Reason why states were unable to pay workers salary.

Nigerians never ask questions and easily forget things.

Last year there were some months that NNPC did not remit Kobo into federation account.

Nobody cares to ask where federal government is getting monthly allocation from

Yeah Buhari needs to be commended for the surge but the records must be set straight. Only in May 2015 was the allocation down to a little of #400b. The months before, the allocation hovered around #500/600b.

Again, the reason why some states where not able to pay salaries isn't necessarily because of low revenue alone but greed and the 2015 elections.

Okpeke22:

Yeah Buhari needs to be commended for the surge but the records must be set straight. Only in May 2015 was the allocation down to a little of #400b. The months before, the allocation hovered around #500/600b.

Again, the reason why some states where not able to pay salaries isn't necessarily because of low revenue alone but greed and the 2015 elections.

Good