Connect with us

Nation

N50bn FAAC Shortfall: We Declined Govs’ Request To Borrow From CBN, FG Claims

Published

on

Controversy over claims by Edo State Governor, Godwin Obaseki, that the Federal Government printed N60billion to augment March allocation from the Federation Account, took a different dimension, yesterday, as the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, revealed that governors actually wanted to borrow money from the Central Bank of Nigeria (CBN), for the shortfall, saying that the government turned down the request.

Obaseki had said two weeks ago that, ”When we got FAAC for March, the Federal Government printed additional N50-N60billion to top-up for us to share.

“This April, we will go to Abuja and share. By the end of this year, our total borrowings are going to be within N15-N16trillion.”

This claim has generated much controversy in the polity, with the Federal Government insisting that the governor lied in his claim.

The Governor of CBN, Godwin Emefiele, had also dismissed Obaseki’s claim, describing it as “unfortunate and totally inappropriate.”

The development also pitted governors of ruling All Progressives Congress (APC), against their Peoples Democratic Party (PDP), counterparts, weekend, with governors on both sides of the divide defending their own.

But speaking on the issue in a Nigerian Television Authority (NTA), breakfast programme, Good Morning Nigeria, yesterday, the minister said the Federal Government turned down a request by state governors to borrow from the Central Bank of Nigeria (CBN), to augment the N50billion Federation Account Allocation Committee (FAAC), shortfall in March.

Ahmed said that whenever there was reduction in federal allocation, the Federal Government took money from some reserve accounts, but noted that in the case of March allocation which fell by N50billion, all state governments were asked to manage their resources.

She said,  “It is a difficult time, I can explain to you how difficult it is not just for the Federal Government but also for the state; we see increasing reduction in our FAAC revenue.

“In the month of March, we had a shortfall at FAAC that is almost about N50billion and we did not have enough accrual in any of those accounts. The states, to be honest, wanted us to borrow from the Central Bank but we resisted, we just told everybody to go back to live within what they had.

“So, it was very surprising for us when we heard a sitting governor saying that CBN has printed money for FAAC. That was very unfortunate because it is not true.

“As a nation, the federal, state and local governments must review expenditure patterns. We are spending too much and we are not generating enough.”

Ahmed noted that Nigeria emerged from its second recession in four years in the fourth quarter, but lamented that revenues remained subdued as a fall in crude prices curbed the main source of income for the nation.

The minister said government’s aim was to triple its revenue ratio to 15 per cent of gross domestic product.

“After revenue collapsed during the last oil shock of 2015, Nigeria turned to the Central Bank, borrowing about a third of its debt to cover a budget deficit that tripled during that time,” Ahmed had said, adding that the government would limit deficit monetization and convert those loans into long-term notes.

Meanwhile, as controversy over the alleged printing of N60billion rages, the Nigeria Governors Forum (NGF), yesterday, said that its silence on the matter was deliberate.

The Chairman of NGF and Governor of Ekiti State, Dr Kayode Fayemi, stated this, yesterday, while fielding questions from State House correspondents after a meeting with Chief of Staff to the President, Prof Ibrahim Gambari, in Abuja.

Fayemi was flanked by the Chairman of the Peoples Democratic Party, Governors Forum and Vice Chairman of NGF, as well as Governor of Sokoto State, Hon. Aminu Tambuwal; Chairman of the Progressive Governors’ Forum and Governor of Kebbi State, Atiku Bagudu; Chairman of the Northern Governors Forum and Governor of Plateau State, Hon. Simon Lalong; as well as the chairman of the Conference of Speakers.

When Tambuwal was asked to comment on the position of the PDP Governors Forum over the attack on the Edo State Governor, Mr. Godwin Obaseki, for saying the CBN printed N60billion to be shared at FAAC, Fayemi interjected, saying he could as well answer the question as chairman of NGF on behalf of Tambuwal, who is the vice chairman.

He said, “He (Tambuwal) is not here as chairman of PDP Governors Forum, I can even talk on behalf of him here, he is here as my vice chairman, and have you heard any statement from the NGF on this?”

Asked why the NGF decided not to issue any statement on the matter, he said, “It is because this is not an issue that requires a statement from the governors; the minister of finance has dealt with it, the issue is out there for you to deal with.”

 

 

 

 

 

 

Continue Reading

Nation

Over 26,000 Lagos Students Failed 2024 WASSCE -Commissioner

Published

on

The Lagos State Government has disclosed that 26,592 public school students failed the 2024 West African Senior School Certificate Examination, raising alarm across the state’s education sector.
The state Commissioner for Basic and Secondary Education, Jamiu Alli-Balogun, during a ministerial press briefing yesterday in Alausa, Ikeja, said that “45.7 per cent of the 58,188 students from public schools who sat for the exams did not pass.”.
This failure rate comes despite the state government’s significant financial backing N1.577 billion was paid on behalf of the students to cover WAEC fees.
“Suffice to say that the sum of N1,577,794,000 only was paid by the state government as examination fees for 58,188 students who were captured for the year 2024 WASSCE,” Alli-Balogun announced.
In a bid to tighten accountability and avoid wastage, the Commissioner disclosed that biometric and image registration was carried out to accurately determine eligible students for government sponsorship for the 2025 WASSCE.
“The exercise successfully captured and registered 56,134 students as bona fide beneficiaries of the Lagos state government’s sponsorship for the examination,” he added.
However, the Lagos State Government rolled out a bold educational intervention – the Eko Learners’ Support Programme for WASSCE and NECO candidates – aimed at reversing the tide of academic failure in the state’s public schools.
Launched on January 14, 2025, the initiative is part of a broader commitment by the Ministry of Basic and Secondary Education to equip Lagos students with tools for success.
“This forward-thinking initiative was designed to support and empower young scholars in attestation of the ministry’s commitment to advancing interest and management of the educational system in Lagos State,” Alli-Balogun stated.

Continue Reading

Nation

Ekiti Vaccinates Over 226,000 Girls Against HPV

Published

on

Ekiti State Government says it has vaccinated 226,429 eligible girls in the State against the Human Papilloma Virus, an infection believed to be a leading cause of cervical cancer.
The wife of the Ekiti State Governor, Dr Olayemi Oyebanji, said the HPV immunization exercise, which she flagged off in the State in May 2025 was a great success, noting that it reached targeted communities and protected children against cervical cancer.
The governor’s wife made the disclosure in Ado Ekiti yesterday during a one-day stakeholders’ sensitisation meeting on the introduction of Measles Rubella vaccines in Ekiti State.
She said, “The introduction of Measles Rubella Vaccines is a very crucial step towards protecting Ekiti children particularly the target age group of nine to 14 years from diseases.
“I urge all women in the State to regularly scan their breasts. This can be done with the aid of the Mammography machine which is available at Ekiti State University Teaching Hospital, Ado Ekiti”.
The state Commissioner for Health, Dr Oyebanji Filani, noted that the Measles Rubella vaccines would be rolled out nationally in October, 2025.
Filani said that the State was taking proactive steps to sensitise residents of the State before the date to ensure adequate awareness on the vaccines by citizens.

Continue Reading

Nation

Monarch Preaches Peace As He Unveils Palace

Published

on

The Acting Ochimba of Ogida in Etche Local Government Area of Rivers State, Eze Ndudiri Azuatalam, says peace remains paramount in the socio-economic development of Etche land.
Eze Azuatalam, however, called on his people to embrace and eschew violence at all times.
The Onwa Nagbara Oha made the call during the official commissioning of his palace at Ogida recently.
The epoch-making ceremony held at his palace saw the attendance of members of the Etche Supreme Council of Traditional Rulers and Chiefs; the academia; the political class; the clergy ; women as well relevant stakeholders within and outside Etche land.
The Ngbaragida of Azuafor re-emphasised the essence of peace and social harmony which he said open the window for meaningful development to take place.
He also sought the support and collaboration of his people to achieve the desired goals of development, progress and prosperity.
He noted that the peace being witnessed in the area must be sustained through collective effort, saying, contributions and sacrifices need to be made by all concerned to live in peace.
Eze Azuatalam said his aim towards building a better Ogida cannot be compromised as he and his people have no other place called home.
The Acting Ochimba said as part of efforts to build a better Ogida, he has instituted a number of development projects, adding that some of his kinsmen have been empowered through his hard-earned money and resources, saying, he will continue to assist the less- privileged around him.
He reaffirmed his desire to impact positively on the lives of his people as the engagement of the youths will help to reduce social vices in the area.
He thanked members of the Etche Supreme Council of Traditional Rulers and Chiefs for honouring his invitation.
He specifically thanked the Onyi Ishi Etche and Ochie of Etcheland, His Eminence E mmanuel Opurum for leading Etche on the path of prosperity, and described the revered King as a role model to the younger generation.
He said his fatherly role has been a source of hope and inspiration to his subjects.
The palace was unveiled by His Eminence with the assistance of Ochimba of Abara, Eze Jonah Nwala and other prominent Etche traditional rulers and chiefs while the Onyi Ishi Etche was represented by Eze Ken Nwala, Onyi Ishi Agwuru, Ulakwo/ Umuselem Clan.
The Onyi Ishi Etche urged other prominent sons of Etche to emulate the kind gesture of Eze Ndudiri Azuatalam as his magnanimity is being seen and appreciated by his people.
Eze Azuatalam also applauded the efforts of Prof Mekuri Ndimele, former Vice Chancellor of the Ignatius Ajuru University of Education in the growth of Etche land.
According to him, during Ndimele’ s tenure, a lot of development projects were sited at the institution, including the development of Etcheland and empowerment of Etche people.

Continue Reading

Trending