• About
  • Advertise
  • Privacy & Policy
  • Contact
Wednesday, August 17, 2022
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    Opposition Behind Call For My Resignation – Festus Keyamo

    Opposition Behind Call For My Resignation – Festus Keyamo

    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    FIRS Powers To Recover Taxes Unremitted From States, LGAs Are In Order — Group

    Osun 2022: Bankole Urges INEC To Guarantee Inclusion Of PWDs On Election Day

    Osun 2022: Bankole Urges INEC To Guarantee Inclusion Of PWDs On Election Day

    Why Peter Obi Is The Most Fact-Checked Politician

    Why Peter Obi Is The Most Fact-Checked Politician

    Ekiti Election

    EKITI ELECTION: Another Buhari Legacy On Credible Polls – BMO

    Trending Tags

    • Politics
    • Business
    • Sports
    • Entertainment
      • All
      • Gaming

      Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

    • Tech
      • All
      • Startup

      DG NITDA Urges Computer Sciences Students to Drive ICT Innovation

      How To Apply For Bridge To MassChallenge Nigeria 2021

      How To Apply For Bridge To MassChallenge Nigeria 2021

      DG NITDA Urges Young Lawyers To Use Artificial Intelligence In Legal Services

      DG NITDA Urges Young Lawyers To Use Artificial Intelligence In Legal Services

      Digital Economy: NITDA Assures e-Business Industry Heads Of Public Private Partnership

      Digital Economy: NITDA Assures e-Business Industry Heads Of Public Private Partnership

      Digital Nigeria 2021

      Call For Abstracts: Digital Nigeria 2021

      5G Network Crucial To 4th Industrial Revolution – DG NITDA

      Literacy Day: FG To Train 6000 Nigerians On Digital Skills In 11 States

      Trending Tags

    • Lifestyle
      • All
      • Culture
      • Food
      • Health
      At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

      At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

      Femi Odekunle; The Pains That Won’t Go! By Haruspice

      Femi Odekunle; The Pains That Won’t Go! By Haruspice

      The Unifying Factor of Culture

      Examining Arts as a Unifying Elements

      The Unifying Factor of Culture

      The Unifying Factor of Culture

      Senate President Greets Asiwaju Bola Tinubu @69

      Senate President Greets Asiwaju Bola Tinubu @69

      Abuja Global Shapers Hub Pay A Velentine Day Visit To Kubwa General Hospital

      GIVE A GIFT – The Abuja Global Shapers Valentine’s Edition

      Trending Tags

    • Opinion
    No Result
    View All Result
    Daily Concord News
    No Result
    View All Result
    Home Business

    Improved FAAC Allocation, Proof’s of Buhari’s Capacity to Overcome COVID-19 Economic Threat – BMO 

    May 15, 2020
    in Business, local, News, Politics
    2 min read
    0
    43
    SHARES
    56
    VIEWS
    Share on WhatsAppShare Share

    The increase in federal allocation for the first quarter of 2020 to all tiers of government is a clear indication of the capacity of the Buhari administration to properly respond to threats of economic disruption, according to the Buhari Media Organisation (BMO). 

    In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, the group said it was remarkable that Federal Account Allocation Committee (FAAC) disbursed more in that period than in the last six years.

    “We are elated that the quarterly report issued by the Nigeria Extractive Industries Transparency Initiative (NEITI) which showed that FAAC disbursement in the first quarter of 2020 was the highest Q1 allocation since 2014.

    ” For the avoidance of doubt, total disbursements were N1.648 trn in Q1 2015, N1.132 trn in Q1 2016, N1.411 trn in Q1 2017, N1.938 trillion in Q1 2018, N1.929 trn in Q1 2019 and N1.95 trn in the same period this year.

    “This, more than anything else, reflects a progressive rise in government revenue, especially from the Federal Inland Revenue Services (FIRS) as well as the Customs. 

    Another factor is the proactive policy of the Buhari administration in adjusting the exchange rate from the interbank rate which provided more naira to dollars earned,” the group said.

    BMO added that this feat should give Nigerians hope about the ability of President Muhammadu Buhari and his economic team to navigate through the economic disruption of the Covid-19 pandemic.

    “What the government did in the first quarter of the year was on the back of lower crude prices, but it also didn’t stop the government from improving the country’s foreign reserves in recent days 

    ” We invite Nigerians to see that latest figures from the Central Bank of Nigeria show that the foreign reserves rose by $1.22bn from $33.42bn as of April 29, 2020, to $34.65bn on May 11. This is right in the middle of the global economic chaos caused by the pandemic.

    “Both feats are remarkable, given the effect of the lockdown, low oil prices and lower collection of taxes in a muted economy at a time that even more developed countries have recorded lower revenues as a result of the pandemic.

    ” We need to use the decline in oil prices to compare this situation to a similar one in Q2 2014 when the previous Peoples Democratic Party (PDP)-led administration buckled under the immediate crash of crude oil price with federal allocation falling by more than 20%. 

    ” Nigeria will easily recall that this created a chain of fiscal disruptions that reflected in the then President Goodluck Jonathan government borrowing from commercial banks to pay salaries as well as the inability of 27 States to pay staff salaries, thus eventually leading the country into a recession”.

    It consequently urged Nigerians to trust in the capacity of the Buhari administration to positively ameliorate the negative impact of the Covid19 pandemic on the national economy.

    Tags: BMOBuhariFAAC
    SendShare17Tweet11Share3Send
    Previous Post

    Buhari Fighting COVID-19 on all Fronts - BMO

    Next Post

    Into the World of Mohammed Mu’azu, His Selfless Philanthropy, Yearn for Cultural Integration and Growth

    Next Post

    Into the World of Mohammed Mu’azu, His Selfless Philanthropy, Yearn for Cultural Integration and Growth

    Stay Connected test

    • 517 Fans
    • 13 Followers
    • Trending
    • Comments
    • Latest

    How Atiku’s Lawyer’s Travelled To Cambridge To Confirm Buhari’s Certificate – And The Disappointment That Followed

    September 6, 2019

    Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

    September 25, 2019

    I Will Waive my Constitutional Immunity to Clear my Name – Osinbajo

    September 25, 2019

    N90bn scandal: Stop Threatening Media Houses, Sue me, Frank tells Osinbajo

    September 25, 2019
    Opposition Behind Call For My Resignation – Festus Keyamo

    Opposition Behind Call For My Resignation – Festus Keyamo

    0
    Nigeria

    Lest We Forget: Security Issues in Nigeria from 1999 to Date!

    0
    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

    0
    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

    0
    Opposition Behind Call For My Resignation – Festus Keyamo

    Opposition Behind Call For My Resignation – Festus Keyamo

    August 15, 2022
    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    August 9, 2022

    Post-VAIDS: JTB, FIRS Commences Full Scale Enforcement On Defaulters

    July 12, 2022
    Nami Charges Professional Tax Bodies On Contribution To Tax Development In Nigeria

    Nami Charges Professional Tax Bodies On Contribution To Tax Development In Nigeria

    July 7, 2022

    Recent News

    Opposition Behind Call For My Resignation – Festus Keyamo

    Opposition Behind Call For My Resignation – Festus Keyamo

    August 15, 2022
    16
    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    August 9, 2022
    16

    Post-VAIDS: JTB, FIRS Commences Full Scale Enforcement On Defaulters

    July 12, 2022
    18
    Nami Charges Professional Tax Bodies On Contribution To Tax Development In Nigeria

    Nami Charges Professional Tax Bodies On Contribution To Tax Development In Nigeria

    July 7, 2022
    16
    Daily Concord News

    Bringing the most intriguing News from around the world you everyone in a positive way

    Follow Us

    Browse by Category

    • Africa
    • Basketball
    • Business
    • Culture
    • Economy
    • Education
    • Food
    • Football
    • Foreign Affairs
    • Gaming
    • Health
    • Health
    • Interviews
    • Lifestyle
    • local
    • News
    • Nigeria
    • Opinion
    • Politics
    • Science
    • Security
    • Sports
    • Startup
    • Tech
    • Uncategorized
    • World

    Recent News

    Opposition Behind Call For My Resignation – Festus Keyamo

    Opposition Behind Call For My Resignation – Festus Keyamo

    August 15, 2022
    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    Air Marshal Sadique Has No Links With Thugs, Allegations Are Delusional — YAFODE

    August 9, 2022
    • About
    • Advertise
    • Privacy & Policy
    • Contact

    © 2019

    No Result
    View All Result
    • Home
    • News
    • Politics
    • Business
    • Sports
    • Entertainment
    • Tech
    • Lifestyle
    • Opinion

    © 2019

    Go to mobile version