FAAC: How They Share N579bn and N71bn in October 2008

November 19, 2008   Federation Account: How They Share N579bn and N71bn in October 2008 At the meeting of the Federation Account Allocation Committee (FAAC) in October 2008, the three tiers of government in Nigeria receive double allocations. The first is from the mandatory statutory and Vat with a total sum of N579bn, while withdrawal of N71bn from Excess Crude Account was made for augmentation. In the first disbursement (statutory) of nets after deductions, the highest recipients are from the oil producing states with Rivers receiving N18.5bn, Akwa Ibom N13.2bn, Delta N9.5bn and Bayelsa N8.3bn. The highest recipients from non-oil –producing states are Lagos N7.9bn and Kano N7.7bn. The lowest recipients with as is authoritatively revealed in the table below are Gombe N2.7bn, Nasarawa N2.6bn, Ebonyi N3bn and Ekiti N3.3bn... Read   REMI BABALOLA: Another Young Go-getter When Remi Babalola, an accomplished banker was announced as Minister of State in the Federal Ministry of Finance and being among the young men in the cabinet, he saw the appointment as an opportunity to learn the political dynamism of public finance at higher level and to further contribute towards economic development of the country... Read   INTERVIEW:  We Manage Disasters to Protect the Economy- AVM Audu-Bida In this Exclusive Interview with the Editorial Team of the Economic Confidential, the Director General of National Emergency Management Agency (NEMA) says it all about disaster management in Nigeria , citing recent examples, including development after the discovery of Beechcraft aircraft that was missing and the fate of its blackbox amongst other issues... Read   Reviewing Obasanjo's Sermon on Obama's Election One thing our former President doesn't state, which is necessary in an article like that is that Obama doesn't have any godfather and doesn't use any big corporate mafia to foot his campaign bills. He did not lobby members of his political party in public offices to channel states resources for his campaign... Read   Excise Duty and VAT Increase: Driving SMEs Underground The collapse of crude oil prices from an all time high of almost $150/barrel to about $60/barrel in the last three months has jolted the major beneficiaries of our bloated export revenue.  We, of course, do not include the 80% or over 100 million Nigerians who manage to find sleep every night in spite of empty stomachs in the class of major beneficiaries of our oil revenue... Read   Pension Scheme Generates N970bn From the Director General of National Pension Commission (PenCom), Mr Muhammad K. Ahmad comes the news that the new pension scheme has generated over N970 billion as at end of August, 2008 which is made up of 300 billion naira Retirement Savings Account (RSA), contributed by about three and half million Nigerians and the remaining is inherited pension assets, known as Legacy Fund... Read   Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com