Buhari orders withdrawal of $150m from NSIA account

METRO PLUS

Hushpuppi: US court dismisses fraud case against Nigerian, Mr Woodberry

A US court has dismissed a fraud case against a Nigerian accused of cyber-crime, Olalekan Ponle, popularly known as Mr Woodberry.

Four Police officers arrested for fleeing kidnap scene of Maku’s niece

Four police officers who failed to stop the kidnapping of Salisu Usman Maku, nephew of former information minister Labaran Maku have been arrested.

54-year-old pastor defiles girl,10, in Ogun

• Teenager remanded for alleged rape of minor• Man, 28, rapes 14-year-old girlDaud Olatunji, Abiodun...

Generator fumes kill three Delta kids, carpenter falls, dies

Three siblings have died after inhaling generator fumes in Emevor community, in the Isoko North Local Government Area of Delta State.

Police arrest 60-year-old man for defiling 9-year-old girl in Anambra

Police in Anambra State have arrested a 60-year-old man for allegedly defiling a 9-year-old girl in Nkwelle Ezunaka, near Onitsha.

President Muhammadu Buhari has ordered that $150 million be withdrawn from the National Sovereign Investment Authority (NSIA).

The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this while speaking with journalists in Abuja.

According to her, the withdrawal would be made from the NSIA stabilization fund, to augment disbursements to the three tiers of government by the Federation Accounts Allocation Committee (FAAC).

She said: “Our experience shows that monthly average FAAC receipts should be at N650 billion to allow the federal and state governments meet their current obligations in a healthy manner.

“Unfortunately, we project that monthly receipts may decline to as low as N400 billion over the next three to six months. To address this emerging fiscal risks, the president has approved that the sum of $150 million be withdrawn from the Nigerian Sovereign Investment Authority stabilization fund to support the 2020 FAAC disbursements.

“The fund was created for such emergencies and is to be utilized for this purpose.”

Sign up to FREE email alerts from Tribunepoint Weekly - Daily News

When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.

- Advertisement -

MOST READ

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

LATEST ARTICLES

Our chairman not sacked by Buhari – NDLEA

The National Drug Law Enforcement Agency (NDLEA), has denied reports that its Chairman, retired Col. Muhammad Abdallah has been sacked by President...

COVID-19: Nigerian govt gives condition for fresh lockdown

The Presidential Task Force (PTF) on COVID-19, has said that the compliance level of Nigerians will determine whether a fresh lockdown will...

Eastern Security Network, nightmare to FG – Nnamdi Kanu blasts DSS for creating faceless Igbo elders group

Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, on Saturday, declared that the Eastern Security Network was a nightmare to...

BREAKING: APC suspends Abe, Wechie, Aguma

The Ogbobula Isaac-led Caretaker Committee of the All Progressives Congress, APC, in Rivers State on Saturday, suspended Sen. Magnus Abe, Hon. Igo...

Kankara schoolboys: Ohanaeze says kidnap, release of students fake, gives reason

Ohanaeze Ndigbo Youth Council, OYC, Worldwide, has described the abduction and release of the 344 students of Government Science Secondary School, Kankara,...