Tag: Federation Account
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NNPC pledges commitment to prompt remittance to federation account
The Nigerian National Petroleum Corporation (NNPC) has restated its commitment to the prompt payment of proceeds from its operations to the Federation Account and steady supply of petroleum products to Nigerians. This was disclosed by the Chief Financial Officer (CFO) of the Corporation, Mr. Umar Ajiya, at a strategy session with the heads of account…
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Reps probe NNPC for allegedly under remitting N100bn into federation account
The House of Representatives has launched an investigation into the earnings of the Nigerian National Petroleum Corporation (NNPC) from since the beginning of this year. The lawmakers said the ambiguities surrounding the running of state-owned oil firm made it imperative for the lawmakers to ascertain the volume of production of oil within the period under…
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![How states withdrew N593.1bn from federation account in Q1 2018 [Infographic]](https://thenewsguru.ng/wp-content/uploads/2018/05/ImageFile-63.jpg)
How states withdrew N593.1bn from federation account in Q1 2018 [Infographic]
The 36 states of the federation have so far withdrawn about 593.1 billion from the Federation Account as revenue generated in the first quarter of 2018. The breakdown as contained in the monthly Federation Account Allocation Committee (FAAC) report showed that the key agencies that remit funds into the federation account are the Nigerian National…
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Customs, CBN, NNPC, 23 other agencies fail to remit N1.695trn to federation account – Report
The Senate ad-hoc committee probing misuse and under remittance of Internally Generated Revenue (IGR) has uncovered over N1.695 trillion unremitted by Federal Government agencies. The committee is also investigating other fraudulent activities in collection, accounting, remittance and expenditure of IGR. The nine-member committee headed by Senator Olamilekan Solomon Adeola, in its interim report submitted to…
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Infographics: 36 states share N173.8bn from federation account in September
36 states shared N173.8 billion from the Federation Account in September from the distributable revenue generated for the month. The breakdown was according to a report from the office of the Accountant-General of the Federation in Abuja. The funds are usually shared the following month For example, revenue generated in January is shared in February;…
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States, LGs shared N2.6trn in 2016
Despite the prevailing economic recession, a new report showed how 36 states and 774 local government authorities in 2016 shared a total of N2.6 trillion from the Federation Account According to a report by the Economic Confidential, the total figure was payment made to the two tiers of government between January and December 2016 at…