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Vanguard News
March FAAC draws more controversy as fresh facts emerge
On
•Fin. Ministry withholds info on what transpired
By Emma Ujah, Abuja
Against the backdrop of controversy generated by Edo State governor, Godwin Obadeki’s claim that N60 billion was printed to augment the March 2021 Federation Accounts Allocation Committee, FAAC, there are indications that there was a breakdown in negotiation between the federal government and states on the actual amount meant for sharing among the tiers of government.
A document seen by Vanguard at the Finance Ministry showed that following a huge shortfall in the expected amount to the credit of the distributable FAAC pool for March, the federal government had originally augmented the shortfall with N8.645 billion from the Equalization Fund and some amount from a Foreign Exchange Reserves account.
•Fin. Ministry withholds info on what transpired
By Emma Ujah, Abuja
Against the backdrop of controversy generated by Edo State governor, Godwin Obadeki’s claim that N60 billion was printed to augment the March 2021 Federation Accounts Allocation Committee, FAAC, there are indications that there was a breakdown in negotiation between the federal government and states on the actual amount meant for sharing among the tiers of government.
A document seen by Vanguard at the Finance Ministry showed that following a huge shortfall in the expected amount to the credit of the distributable FAAC pool for March, the federal government had originally augmented the shortfall with N8.645 billion from the Equalization Fund and some amount from a Foreign Exchange Reserves account.
Vanguard News
Money Printing: LCCI lists more ills of Ways & Means
On
•More analysts raise alarm over deteriorating public finance
By Babajide Komolafe, Yinka Kolawole & Nkiruka Nnorom
ECONOMY
There appears to be more controversies surrounding the alleged borrowing by the Federal Government to argument the March 2021 statutory allocations as the Lagos Chamber of Commerce and Industry, LCCI, and economic analysts indicated that the situation is even worse and could lead to further depreciation of the naira as well as send negative signals to the citizens on the state of government finance.
The Governor of Edo State, Godwin Obaseki, had told a stakeholders meeting last Thursday in Benin City that the FG printed about N60 billion to top up the amount meant for distribution to the three tiers of government as inflow from the Federation Accounts Allocation Committee, FAAC.
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Official document from Office of the Auditor General of the Federation has revealed how a total sum of $759,387,755.10 was withdrawn from the Department of Petroleum Resources (DPR’s) Signature Bonus Account domiciled with JP Morgan Chase Bank.
Signature bonus is a single, non-recoverable lump sum payment by the Licensee to Government upon the granting of a Petroleum Exploration Licence or Petroleum Production Licence.
The latest OAuGF 2018 annual report indicated that the sum, withdrawn in bits, was paid into different accounts in tranches between July 2014 and May 2015.
Checks by Nigerian Tribune showed that an initial sum of $469,387,755.10 was withdrawn from the said account between April 10th and April 30th 2015 and paid to an account called, “CBN autonomous FEM account Garki, Abuja Nigeria,” rather than being paid into the Federation Account.