Cash Going To States From FAAC Rising On Fear Of Buhari - Politics - Nairaland
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Infograph: FAAC Allocation Distribution To 36 States From January - March 2017 / Federal Allocation To States For The Month Of July 2016 / Cash Going To States From FAAC Rises by 32% On Fear Of Buhari (2) (3) (4)
| Cash Going To States From FAAC Rising On Fear Of Buhari by Ventura1: 7:33am On Aug 10, 2015 |
The surprise thirty-two per cent jump in Federal Account Allocation Committee (FAAC) disbursements to the three tiers of government in June was a result of a more transparent reporting of the federation’s gross revenues BusinessDay can report. The unexplained rise at a time of a continued fall in international crude oil prices left many analysts wondering but investigation by BusinessDay has showed that the transparent reporting method imposed by the two-month old Buhari administration meant that revenues that were hitherto unaccounted for, had to be brought into the collective pool for sharing. The total disbursable fund for June amounted to N539bn or $2.71bn, up by 32 per cent from the level for May. The statutory allocation, the largest element of the payment, brought an increase of N162b or the equivalent of $810m on May revenues. A state like Edo, for instance saw its June allocation rise significantly, by more than N500m and governor Adams Oshiomhole who confirmed the development was unequivocal that the additional funds would not have come in if government agencies were left to account for their revenues in their old ways. “I can tell you that my state got much more than it would normally get and this additional funds came because they (federal agencies) could no longer hide or cook their books”, the governor told BusinessDay in Ndola, Zambia, on the sideline of the commissioning of the 1.5MT cement plant build by Dangote Cement. The governor, who is one of those selected by the National Economic council to beam a searchlight on the irregularities in flows into FAAC, added, “we are already seeing the benefit of the attitude of the Buhari administration to our collective resources and this is welcome, especially because we have just started and their scope for getting better. We all can now see that the days of impunity are gone.” Governor Oshiomhole’s explanation has helped to shed light on the jump in the federal allocation disbursement. In its August 5 daily note, FBN Capital had said, “we struggle to explain the marked increase in the allocation which is predominantly derived from the oil industry.” On Friday, FBN Capital welcomed the recovery in foreign reserves, which rose $2.5bn in July to $31.5bn on a 30-day moving average basis. FBN Capital said the increase in reserve couldn’t be explained by just the savings from the ban on 41 items, which hitherto accounted for about $900m in FX utilisation per month, on the basis of figures for Q1. Analysts at FBN Capital said, “we have to look elsewhere for additional explanations for the pick up in reserves in July.” http://businessdayonline.com/2015/08/cash-going-to-states-from-faac-rising-on-fear-of-buhari 1 Like |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by HungerBAD: 7:33am On Aug 10, 2015 |
This is a welcome news. My fears are are that though Buhari, can control the looting and spending from the Federal Angel. Once, monies trickle down to the States, then it is game time for the corrupt Governors. Hopefully, States Assemblies should in someway control the stealing by their Governors. Good Job President Buhari. Nigerian's are happy with you. 7 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Ventura1: 7:33am On Aug 10, 2015 |
Slow and steady win the race cc: lalasticala 2 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Movesz(m): 7:36am On Aug 10, 2015 |
The fear of buhari is the begging of wisdom 3 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by BABSIN(m): 7:42am On Aug 10, 2015 |
ok oh 1 Like |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Demdem(m): 7:49am On Aug 10, 2015 |
Ventura1: Yet some shameless fools whose seeds will suddenly cough to death will claim they are yet to see change. This is good news for the entire country, apc, pdp inclusive. Even with no minister yet, the General continues to prove himself. Shame on u Ngozi (world Bank fraud), shame on u Jonah-daft. Surely, i can trust the General with the resources of this country. 10 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Demdem(m): 7:56am On Aug 10, 2015 |
HungerBAD: Once we have a rotten head, what do u expect from the rest of the body. The core reason why states rubbish allocations given them before now is because they see the head as a piece of shit and follow suit. Woe betide any state that chose to mismanage resources. Once the almighty fg is prudent, they can now have the guts to go after corrupt states mismanaging resources starting from Rivers State. I expect Buhari to be proactive and task his security agents to beam their lights on states. The era of impunity simply must end. 3 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by omenka(m): 8:05am On Aug 10, 2015 |
HungerBAD:We are not happy, we are extremely excited. I don't see why anyone should be against this man for nothing more than sheer hatred and ethnoreligious bigotry. He is surely on a mission to salvage this nation from the clutches of death occasioned by successive years of maladministration by PDP. May God in his infinite mercy bless and protect him for us. 5 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by CSTR2: 8:12am On Aug 10, 2015 |
Fear of buhari? lol. illiterates and sychophants. We will see how much infrastructure, jobs and economic growth this ''fear'' will create. |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by edo3(m): 8:13am On Aug 10, 2015 |
Haa! God punish tanoids and the wailing wailers crew. 3 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by mars123(m): 8:18am On Aug 10, 2015 |
CSTR2:you are actually making sense...to a camel. 7 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Demdem(m): 8:21am On Aug 10, 2015 |
To those recording the achievement of the General, Increase in allocations given to states despite fall in oil price is a big plus. Surely, the General is plugging holes. Jonah-daft never achieved this. 3 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by CSTR2: 8:23am On Aug 10, 2015 |
mars123:Of course, i have learnt that some animals are smarter than some human beings. You have the brain of a goldfish, which is less than a camel. |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by kokoA(m): 8:30am On Aug 10, 2015 |
CSTR2:Na person born dis one to?  As if Buhari's failure will ad anything positive to your miserable life.  4 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by socialmediaman: 8:32am On Aug 10, 2015 |
HungerBAD: My fears exactly as well, we need EFCC established in all the 36 states to pursue crime down into the local government areas, and I think LG accounts should be separate too, states should not be controlling LG accounts the way it is constitutionally so they can directly do business and negotiate for investors 1 Like |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Jorussia(m): 8:36am On Aug 10, 2015 |
.we pay too much on the federal gvt.let us start holding our govs and lga chairmen to account for how funds allocated to them are spent.most nigerian govs are criminals. 1 Like |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by DelGardo: 8:37am On Aug 10, 2015 |
Increasing revenue in the face of falling oil prices is almost against the natural order of things, certainly in Nigeria where the corrupt will exploit every excuse. Tbh it is in the miraculous. Some of us actually said it will take a miracle for GMB to succeed. It is happening! 1 Like |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by honourhim: 8:41am On Aug 10, 2015 |
There is hope for Nigeria now. I see a new Nigeria. 2 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Demdem(m): 8:48am On Aug 10, 2015 |
DelGardo: The truth is governing a country like Nigeria shouldn't be rocket science for a sincere and good soul. General Buhari so far has proven to be one. Kudos to Nigerians for making the right choice and booting out Jonah-daft the curse. When he was in charge, it was one day, one scandal. Why won't income go down? 5 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by gists: 9:03am On Aug 10, 2015 |
Now some people will still say they don't want this type of change. If the previous admin was still in Aso rock, I wonder what would have become of this country by now. Thank God for Sai Buhari 3 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by DelGardo: 9:17am On Aug 10, 2015 |
Demdem: I agree with you completely. Bleeping mo.ron, he was. 4 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by rusher14: 10:11am On Aug 10, 2015 |
Barcaninja: 1. Why BusinessDay's article on increase in state allocation despite falling crude prices are a manifestation of the old PDPs good governance initiative. 2. Why Buhari should be ashamed of increasing allocations to corrupt state governments. 3. Why making more money cannot be good for an emerging economy in the 21st century. 4. Why Jonathan refused to save and should be given kudos for creating briefcase billionaires Stay tuned to Nairaland for more updates from the chief wailer Barcaninja 4 Likes |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by CSTR2: 12:09pm On Aug 10, 2015 |
kokoA:I am not directly impacted by your dumb president. I don't give two shitts about him. You can keep voting almajiris into govt. It is your country and your economy afterall. |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by mogentle(m): 1:00pm On Aug 10, 2015 |
rusher14:LOL!!!!! 1 Like |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by chudionu58(f): 1:13pm On Aug 10, 2015 |
Lol... cessation of pipeline sabotage since may 29th... I can't remember shell declaring force majeaur on Transforcadoes or Transniger even the Nembe creek trunklines... if am to believe "cooking of books" then there must be prosecution of those that cook books otherwise... |
| Re: Cash Going To States From FAAC Rising On Fear Of Buhari by Iykopee(m): 1:19pm On Aug 10, 2015 |
Anoda story for the gods by business news. An Increment that has made rochas okorocha to owe workers and aregbesola. Nansense |
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