Politics
States Challenge FG’s N600bn Budget Allocation For N70,000 Salary Hike
States Challenge FG’s N600bn Budget Allocation For N70,000 Salary Hike....KINDLY READ THE FULL STORY HERE▶
At the recent Federation Accounts Allocation Committee (FAAC) meeting, state government representatives expressed dissatisfaction with the Federal Government’s decision to reserve additional revenue for the new minimum wage. This decision, affecting their revenue distribution, was met with opposition when it was revealed that the government had transferred N200 billion into the non-savings account at the August FAAC meeting, bringing the total to N595 billion……CONTINUE READING
Finance Commissioners from Akwa Ibom, Delta, and Ekiti states raised concerns during the meeting held on August 16, 2024. Despite an increase in the gross total revenue from July to August, with July’s total at N2.61 trillion compared to June’s N2.48 trillion, the distribution fell short of the previous month’s N1.35 trillion.
Minister of Finance, Wale Edun, praised President Bola Tinubu for enacting the National Minimum Wage Act and noted ongoing discussions regarding its implementation. Edun highlighted that dialogues with labor and the private sector are ongoing to finalize consequential adjustments.
During the meeting, the Accountant-General of the Federation presented the gross statutory revenue and necessary deductions totaling N1.29 trillion. Finance Commissioners questioned the rationale behind the deductions, particularly the reserve funds.
Dr. Linus Noah, Finance Commissioner for Akwa Ibom, argued that the funds should be distributed among the states, given their financial challenges. Okenmor Tilije, his Delta State counterpart, supported this view, suggesting the N595 billion in the non-oil savings account be used to augment the distributable revenue.
The Accountant-General responded that saving the funds was prudent for future obligations, including the N70,000 minimum wage payments. Ekiti State’s Finance Commissioner, Akintunde Oyebode, advocated for allowing sub-national governments to manage their portions of the revenue, as they do not benefit from the interest on the saved funds.
The Permanent Secretary of the Finance Ministry, Lydia Jafiya, who chaired the meeting after Edun’s departure, dismissed the objections and approved the revenue distribution.
President Tinubu signed the new minimum wage law on July 29 after prolonged negotiations with labor unions. Implementation is expected to commence by the end of August, with only Adamawa, Lagos, and Edo states currently reported to have begun payments.
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