Npower Stipends: FG Receives Share of N682.060BN Allocation. Ready to Make Payment

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Npower Stipends: FG Receives Share of N682.060BN Allocation. Ready to Make Payment: The Federal Government on Wednesday confirmed receiving 52% of N682.060BN from August Allocation

The Federation Accounts Allocation Committee (FAAC) disbursed the sum of N682.060BN to the three ties of government in Nigeria

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The Permanent Secretary, Federal Ministry of Finance Dr. Mahmud Isa-Dutse, confirmed the disbursement via a virtual meeting  

The Federation Accounts Allocation Committee (FAAC) has shared a total of N682.060 billion August 2020 federation account revenue to the Federal, States and Local Government Councils and agencies.

In the time past, the office of the Accountant General of the Federation lags funds needed to carry out payment, due to delayed allocation

The Accountant General of the Federation is ready to make all outstanding Federal Government payment to workers including the stipends meant for Social Investment programme

The OAGF confirmed that, over 14,000 Npower volunteers have been rejected by GIFMIS payment platform, but has been resolved

Due to inadequate fund, payment were not made, but now that, Federal Government has received Allocation for August, all is set for immediate disbursement of fund to where necessary

Sharing Formula of August Allocation

  • Federal Government received N251.948 billion from the gross statutory revenue of N531.830 billion;
  • State Governments received N 127.791 billion and
  • Local Government Councils received N98.522 billion.
  • Oil Producing States received N30.881 billion as 13% derivation revenue,
  • Cost of revenue collection and transfers collectively had allocation of N33.205 billion
  • The gross revenue available from the Value Added Tax (VAT) was N150.230

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