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FAAC Shares 780.926bn For March 2020

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6 years ago

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Any moment from now, civil servants are expected to be paid their April 2020 salaries.
This is because the Federation Accounts Allocation Committee (FAAC) has shared a total of 780.926 billion as March 2020 Federation Account Revenue.
The Office of the Accountant General of the Federation (OAGF) disclosed in Abuja that the Federal, States, Local Governments and relevant Agencies in the country shared ¦ 780.926 billion as at the end of the FAAC meeting.
According to the statement: “The N780.926 billion comprised Statutory Revenue, Value Added Tax (VAT), and Exchange Gain.”
It was also disclosed the balance in the Excess Crude Account (ECA) grew a little to $72.221 million.
The gross statutory revenue for the month of March 2020 was put at ¦ 597.676 billion.
This was higher than the ¦ 466.058 billion received in February 2020 by ¦ 131.618 billion.
Value Added Tax (VAT) yielded gross revenue of ¦ 120.268 billion in March 2020 as against ¦ 99.552 billion in February 2020, resulting in an increase of ¦ 20.716 billion.
A total of ¦ 62.928 billion was available from Exchange Gain in the month under review.
The OAGF noted: “The Statement of Accounts indicated that from the total revenue of ¦ 780.926 billion, the Federal Government received ¦ 264.330 billion.”
Continuing, the Office said: “The State Governments received ¦ 181.487 billion, and the Local Government Councils received ¦ 135.950 billion.
“The Oil Producing States received ¦ 38.751 billion as 13% derivation revenue while the cost of revenue collection by Revenue Agencies and allocation to North-East Development Commission (NEDC) was ¦ 160.408 billion.”
According to the Statement of Accounts, the Federal Government received ¦ 217.773 billion from the gross statutory revenue of ¦ 597.676 billion.
The State Governments received ¦ 110.457 billion and the Local Government Councils received ¦ 85.158 billion.
The sum of ¦ 32.299 billion was given to the relevant States as 13% derivation revenue and ¦ 151.989 billion was cost of revenue collection by Revenue Agencies and allocation to NEDC.
The Federal Government received ¦ 16.777 billion from the Value Added Tax (VAT) revenue of ¦ 120.268 billion available in the month of March 2020. The State Governments received ¦ 55.925 billion, the Local Government Councils received ¦ 39.147 billion, while the cost of collection by Revenue Agencies and allocation to NEDC was ¦ 8.419 billion.
The Statement confirmed that the Federal Government received ¦ 29.780 billion, the State Governments received ¦ 15.105 billion, the Local Government Councils received ¦ 11.645 billion and the Oil Producing States received ¦ 6.452 billion from the total revenue of ¦ 62.982 billion available from Exchange Gain.
It was also revealed that in the month of March 2020, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Excise Duties, Oil and Gas Royalties and Value Added Tax (VAT) all recorded substantial increases which resulted in the large volume of money shared.
The monthly Federation Account Allocation Committee (FAAC) meeting for the month of April 2020, where the sharing of the March 2020 revenues was discussed, was held through virtual conferencing.
Members of the Federation Account Allocation Committee (FAAC) could not meet in Abuja due to the lockdown in the country occasioned by the COVID-19 pandemic.

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PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

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5 days ago

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December 8, 2025

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
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SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

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5 days ago

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December 8, 2025

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The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
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NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

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5 days ago

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December 8, 2025

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The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
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