The 36 states of the federation on Thursday refused to attend the monthly Federal Account Allocation Committee (FAAC) meeting. The states alleged that there are discrepancies in the federation account figures presented by the Federal Government. Chairman, Forum of Finance Commissioners, Mahmoud Yunusa said the forum consulted with governors and the decision was taken. He... Read More

diacrepancies, Federation Account, states

October 14, 2017

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The Thread: Why the Senate needs to pass the Petroleum Industry Bill

This week has seen the NNPC, the nation’s oil corporation, under the microscope for fraudulent contracts and ethnic politics. President Buhari has taken the brunt of the criticism, being the Minister of Petroleum. Vice President Osinbajo was almost roped into the controversy, with the disclosure that he approved 642 billion naira contract in President Buhari’s... Read More

Opinion

Federation Account, Joint Venture, nigeria, nnpc, Oil, PIB, senate

September 11, 2017

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How Diezani shunned the powers of NASS and approved NNPC funds – Report

The 2015 audit report of the Federation Account has uncovered how the former Minister of Petroleum Resources, Diezani Alison-Madueke, assumed the powers of the National Assembly to draw billions in cash from the joint venture cash calls account without appropriation, Premium Times reports. The report: Published last month by the Office of the Accountant General... Read More

The News Blog

Diezani Alison Madueke, Federation Account, national assembly, nnpc, Office of the Accountant-General of the Federation

April 18, 2017

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How NNPC failed to remit $81.2bn in four years – Reps

by Azeez Adeniyi The House of Representatives has alleged that the Nigerian National Petroleum Corporation (NNPC) did not remit $81.2bn from crude oil sales to the Federation Account in four years. An ad hoc committee investigating the alleged export of $17bn worth of undeclared crude oil and gas resources had uncovered the non-remittance. The committee’s... Read More

The News Blog

$82.1bn, Federation Account, House of Representatives, nnpc, remit

March 14, 2017

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‘NNPC yet to remit $15.8bn to FG account’

by Azeez Adeniyi The Nigeria Extractive Industries Transparency Initiative has said despite its report, the Nigerian National Petroleum Corporation is yet to remit $15.8bn collected from Nigeria Liquefied Natural Gas to the Federation account. Director Legal, NEITI, Peter Ogbobine, said in Abuja on Tuesday that the figure was the accumulation from 2000 to 2014. He... Read More

The News Blog

$15.8bn, Federal Government, Federation Account, NEITI, nnpc

March 1, 2017

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Senate to probe NNPC

by Dolapo Adelana The senate has ordered a fresh probe into the affairs of the Nigerian National Petroleum Corporation (NNPC). The senate, which made the resolution at plenary on Wednesday mandated its committee on the downstream sector to investigate the corporation’s non-remittance of funds into the Federation Account. The resolution followed a motion by the... Read More

The News Blog

dino melaye, Federation Account, nnpc, Non-remittance of funds, PROBE, senate

June 18, 2016

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‘$12.9bn, ₦1.4trn…’ | The 5 numbers that mattered this week

Every week, different figures make news headlines. While some numbers are bereft of impact in the general scheme of things, a few others tend to be significant, and as such they stand out. In essence, they are important and should matter. These are the numbers that mattered this week. ₦93 billion The amount, in Naira, set... Read More

Featured

economy, Federation Account, Home Grown School Feeding Programme, Ibe Kachikwu, N-Power portal, nigeria, Nigerian Extractive Industries Transparency Initiative (NEITI), nnpc, numbers that mattered this week, Politics

June 15, 2016

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FG to loan N90bn to states [DETAILS]

The Federal Government will provide a N90 billion loan facility to state governments so as to reduce their dependency on the monthly handout from the Federation Account. The states of the federation are expected to meet 22 stringent conditions after which the loan will be given to them over one year and will be repaid... Read More

Featured

Federation Account, FG, Finance Minister, governors, kemi Adeosun, loan, state governments

March 15, 2016

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Massive fraud: N3.2trn unpaid into national treasury in 2014 [DETAILS]

According to the federal government, not less than N3.2 trillion was unremitted into the national treasury by various Ministries, Departments and Agencies of government as well as foreign missions in the 2014 fiscal year. This disclosure was made in the 2014 Annual Audit Report presented to the National Assembly on Monday by the Auditor General... Read More

Featured, The News Blog

audit, Bisi Komolafe, Federation Account, Goodluck Jonathan, national treasury, nnpc, report

November 30, 2015

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‘There’s no money’, ‘We must go back to the farms’ | The lamentations of Governor Aregbesola

Osun State Governor, Rauf Aregbesola, is heavily lamenting over the financial crisis in his state. Aregbesola says Osun received only N55m from the Federation Account for the month of September, 2015, adding that the money was not sufficient to offset the electricity bill of the state government secretariat. The governor said it’s high time Nigerians returned to agriculture,... Read More

The News Blog

agriculture, Federation Account, Osun State, RAUF AREGBESOLA

July 25, 2015

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Aregbesola explains again why he couldn’t pay state workers

Governor of Osun state, Rauf Aregbesola has again said he couldn’t pay workers because of the drop in allocations to the state from the federation account. Aregbesola said this Friday night during a chat with newsmen at an award ceremony. The award was presented to Aregbesola at Asokoro, Abuja. “I have found it hard to... Read More

The News Blog

Aregbesola, Federation Account, Osun State, slaries

March 12, 2013

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Vanished! N7.93 billion missing from Federation Account, CBN, NCS, FIRS under pressure

by Rachel Ogbu An audit investigation conducted into the operations of the Federation Account noted that the Nigeria Customs Service, NSC, claimed that it remitted the N2334.430bn, but 2007 records at the CBN showed that only N241.366bn was made available to Federation Accounts Allocation Committee, FAAC. The House of Representatives on Monday calculated that N7.935bn was... Read More

Federation Account, N7.935bn missing, Nigeria Customs Service, remittance money

States refuse to hold meeting with FG over discrepancies in federation account

The Thread: Why the Senate needs to pass the Petroleum Industry Bill

How Diezani shunned the powers of NASS and approved NNPC funds – Report

How NNPC failed to remit $81.2bn in four years – Reps

‘NNPC yet to remit $15.8bn to FG account’

Senate to probe NNPC

‘$12.9bn, ₦1.4trn…’ | The 5 numbers that mattered this week

FG to loan N90bn to states [DETAILS]

Massive fraud: N3.2trn unpaid into national treasury in 2014 [DETAILS]

‘There’s no money’, ‘We must go back to the farms’ | The lamentations of Governor Aregbesola

Aregbesola explains again why he couldn’t pay state workers

CBN Governor, Sanusi’s whereabouts unknown ‘since argument with Jonathan’

Vanished! N7.93 billion missing from Federation Account, CBN, NCS, FIRS under pressure

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