PRESIDENT BUHARI RECEIVES FIVE APC GOVERNORS.3B. R-L; President Muammadu Buhari with five APC Governors among whom are Chairman Nigerian Governors Forum and Zamfara State Governor Alhaji Abdulaziz Yari, Chairman APC Governor's Forum and Imo State Governor Owelle Rochas Okorocha, Ogun State Governor, Senator Ibikunle Amosun, Kano State Governor Alhaji Abdullahi Umar Ganduje and Plateau Stae Governor, Mr Simon Lanlong at the Presidential Villa Abuja. PHOTO; SUNDAY AGHAEZE. APRIL 4 2018.
Top Story

Governors meeting over FAAC deadlock, minimum wage, stamp duties ongoing 

123

Governors under the auspices of the Nigerian Governors Forum are meeting in Abuja Wednesday night over the issues that led to deadlock of the last Federation Accounts and Allocation Committee (FAAC) meeting in Abuja.

They are meeting to deliberate among themselves and take a decision to National Economic Council (NEC) Thursday, to be presided over by Vice President Yemi Osinbajo.

The forum under the chairmanship of Zamfara state governor, Abdulaziz Yari, are also meeting with the Minister of Labour and Productivity, Chris Ngige, to discuss the contentious issue of minimum wage implementation as well as the issue of stamp duties which is currently in court.

For the third time in a row, Federation Accounts Allocation Committee, FAAC, meeting was deadlocked as state commissioners for finance rejected the revenue put on the table by revenue agencies last week.

FAAC members have resolved not to accept FAAC until a clear system for determining federation revenue was put in place.

The governors are also discussing  the update on recovery of stamp duties, a subject of controversy as the states claim that the amount due to states have not been remitted.

The Governors had in April set up a three-man committee to investigate the alleged N20 trillion unremitted stamp duty funds to the federation account.

The committee, which is chaired by Ibikunle Amosun, Ogun state governor, has Emmanuel Udom and Abubakar Bello, governors of Akwa Ibom and Niger as members.

On January 15, 2016, the Central Bank of Nigeria (CBN) had issued circular directing banks to deduct N50 stamp duty on every N1,000 deposit made into current accounts.

In 2017, the senate alleged that N20 trillion due to be paid into the federation account from stamp duty charges on bank transactions was withheld between 2015 and 2017.

The senate said projections for stamp duty in 2015, 2016 and 2017 revenue frameworks of the nation’s annual budget were put at N8.713 billion, N66.138 billion and N16.96 billion.

On the minimum wage being proposed by government and labour, the governors are insisting on the staggering of the implementation of the new wage if approved.

The Nigeria Labour Congress is proposing a minimum wage of N65,000 for workers.

The governors are also discussing the last tranche of the Paris Club refund and the states yet to get payment.

State Governors are also jostling to take whatever they could lay their hands on from the monthly remittances of the Nigerian National Petroleum Corporation (NNPC) to the Federation Account Allocation Committee (FAAC) to prosecute their respective political ambitions in the 2019 General Elections, reports have indicated.

 

Leave a comment

Related Articles

NNPC Ltd, OPEC pledge collaboration to attract investments, grow production

The Nigerian National Petroleum Company Limited (NNPCL) and the Organization of the...

Just in: Senate grants Tinubu’s request to sack FCCP boss

The Senate has approved President Bola Tinubu’s request to sack the Federal...

Why we suspended our nationwide protest – NLC

The Nigeria Labour Congress (NLC) has suspended its two-day national protest as...

CBN to sell dollar at N1,301 to authorized BDC

In its bid to increase liquidity, strengthen the naira, and curb distortion...

Oransaye report: List of FG’s agencies, depts, corporations to be scrapped, merged

Following the adoption of the Steve Oronsaye’s report for immediate full implementation...

Breaking: Merger, scrapping of many govt agencies underway as Tinubu orders full implementation of Oronsanye Report⁣

12 years after the Steve Oronsaye panel submitted its report on restructuring...

CJN swears in 11 new Supreme Court justices

The Chief Justice of Nigeria, Justice Olukayode Ariwoola, swore in the newly...

Tinubu inaugurates Economic Advisory Committee with Elumelu, Dangote as members

A tripartite Economic Advisory Committee, consisting of the Federal Government, subnationals, and...

Breaking: Fire destroys FCT Minister’s home

A morning fire on Sunday completely destroyed the private residence of the...

Shun NLC protests, rallies, Afenifere urges Nigerians particularly Yoruba, says will escalate tension

The pan-Yoruba socio-political organisation — Afenifere — has urged Nigerians particularly Yoruba...

Breaking: Tinubu announces suspension of sanctions on Guinea, Mali, Niger, Burkina Faso

President Bola Tinubu has demanded that the Economic Community of West African...

ECOWAS Chair, Pres. Tinubu, presides over regional body’s summit in Abuja

President Bola Tinubu on Saturday presided over Extraordinary Summit of heads of...

Blackout: COAS laments decomposing corpses in Army mortuaries

The Chief of Army Staff (COAS), Lt.-Gen. Taoreed Abiodun Lagbaja, has frowned...

Harsh economy: NIN required as Customs begins distribution of seized food items to poor Nigerians

In a bid to alleviate the current hardship in the country, the...

APC’s Sen. Okpebholo emerges candidate for Edo governorship poll

Sen. Monday Okpebholo of the All Progressives Congress (APC) has been declared...

$800m rehabilitation funds for Nigerian ports almost ready – FG

The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has said...

Emefiele slams N25bln suit on Akpabio for alleged defamation 

The ex-governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has...

FG Uncovers 32 Routes for Smuggling Food Out of Nigeria

The Federal Government says it has uncovered 32 routes through which food...

State Police Bill scales second reading in House of Reps

A bill proposing an amendment to the 1999 Constitution to establish state...

Presidential Villa, EFCC, FIRS, 83 other MDAs risk total blackout over N47.1bln electricity debt

The Abuja Electricity Distribution Plc (AEDC) has threatened to disconnect the electricity...