NewStats: 3,262,318 , 8,176,802 topics. Date: Sunday, 01 June 2025 at 07:08 PM 434322

Governor Kayode Fayemi of Ekiti state on Tuesday said states may get zero statutory allocations from Federation s Allocation and Fiscal Commission (FAAC) in June this year owing the drastic fall in the price of crude oil.

Fayemi, who is the Chairman of the Nigerian Governors Forum (NGF) also said the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed had disclosed that President Muhammadu Buhari has approved the withdrawal of 150 million dollars from the Nigeria Sovereign Investment Authority (NSIA) Stabilization Fund to the June 2020 FAAC disbursement.

The governor, who spoke on Channels Television programme, ‘Politics Today’ however said he was not aware that the fund will be released in the next 72 hours.

According to him “I am not aware of any stabilization fund that has been released in 72 hours. What I heard from the Honourable Minister is that $150m has been approved by Mr. President to augment the June FAAC allocation which is likely to be very, very reduced, probably zero”.

“You have seen the difficulty that oil prices are experiencing around the world. So, it is a no-brainer. You don’t need to be a rocket scientist to know that you may not even have N200b to share as FAAC in June”.

“ We are talking of June because oil is sold three months ahead. So, the ones that have been sold before now, they have given us that it is not as bad as it is”.

“But we have FAAC tomorrow, so we will see what comes out of it. I don’t have any expectation that it will be robust as we have experienced in the last three months of the year”.

With the fall in oil price and the Covid-19 pandemic, there are fears among workers of the 36 state governments over the ability of their governments to continue to pay their salaries.

Fayemi, however, said Ekiti state is not owing to any salary at the moment and hopes it will continue paying as at when due in the future.

https://www.independent.ng/oil-price-states-may-get-zero-faac-allocations-in-june-fayemi/

I'd even be the happiest person if our Oil dries up so we can grow up as a Nation. Let me see how our politicians, especially our Senators would survive with their oversized allowances.

At this point, all I can advice everyone is to please factor in How you can take your businesses online to the international community to ensure your economy doesn't depend on Nigerian economic blueprint. By so doing the rise of Dollar will be your gain

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So na true say na awa oyel dem take dey run naija yet nothing to show for it in the entire Naija Delta

That is the reason why you all should put your heads together now, to ensure that does not happen. Our excess crude has been depleted already. The whole world is struggling. Consider putting the available funds in such that would enable us as a nation to float. Rather than putting billions in Dangote, maybe fund Innoson to help produce ventilators for the rest of the world. We should identify the needs of the world at this peculiar time, project or estimate what the world will need in months to come, and evaluate if we have the resources to meet that need. This is the definition of being proactive.

It makes absolutely no difference.

When the matter set, na government go tell banks to freeze s of all known thieves just to see money to even take buy fuel for their cars and generators.

All the thieves in power go begin donate their loots.

This is the best revolution to take place.

If death comes now, where will you find yourself?

It is not about your religion or belief. It is about the assurance that you have hope for eternal rest.

Jesus said..." Anyone who believes in me, even though he dies, i will raise him up on the last day"

Jesus repeated that twice.

I am sure of my destination after breathing my last.
You?

If you're not dead sure, then come to Jesus today and accept him as your Lord and Savior.

It is your soul. Don't gamble with it.

If this happens, even white collar job guys will form 1 trillion gang. Naija go hot. Egungun be careful

It will get worse, the question is what are you doing to stay afloat. The internet remains a gold mine yet untapped. me let's make money together, you trade by yourself.. search on Telegram for
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Seeing is believing

Okay

this is a warning sign. It is high time states started looking for how she can stustain herself. The good news is that we still at least 20-30yrs to plan for this

I really hope he doesn’t owe any salary because once no salary s the brouhaha on ground then that’s real problem atleast people still Dey manage Buy garri and the likes!
Maybe our leaders can learn during this hard times since our black gold is falling they can Atleast try to look up other sectors

Are U worried about your present state of life ?

Are U a carrier of glorious potentials without knowing what to do in life ?

Are U facing hell on earth in your marriage or marital life ?

Do U feel U have been kept on hold or seems your life is going round a circle?

Is the devil tormenting, oppressing, depressing, afflicting, suppressing, or manipulating you with any form of discomfort in life?

Even If the devil has something on U, u can draw on the mercy of God to receive forgiveness of sin and deliverance from any habit or hold satan has on U.

Accept Jesus Christ, surrender to him, rededicate yourself to Him and make Him your personal Lord and Saviour. Accept Him now, for next minute may be too late..
This is the time to rededicate your life to Christ.

Make this confession loudly. Father! Forgive me, I'm sorry, please help me, I love U, I need U, hold me Jesus!!!, my heart, my soul please take control of it right now. Lead me in your ways and teach me your path so I can forever abide in your words. Save me Lord, have mercy on me and forgive my sins in Jesus name. Amen

Thank U for saving me and thank U because U have deliver me from the bondage of sins, I know my sins has been forgiving, I give U all the praise in Jesus name.

The best thing will ever happen to Nigeria is restructuring...

president Buhari always ordering withdrawal but APC always tell us Gej did not leave any saving.


let oil come to zero. buhari have diversify already.

we have rice and cows

What comes to my head is this song "problem, problem, another problem"

Well it's gonna be fine last last, let's wear our seat belt tight, cos it's gon be a bumpy ride

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Things are really getting bad ohh

This is the real game changer. We have been preaching diversify the economy for over a decade now, but nope, everybody is looking for quick money, no long term investment.

This ones even started looking for oil in Chad basin, katsina and all, spending huge funds that would have overhaul our manufacturing/agricultural sectors.

Now, Russia and S/Arabia have decided to crash oil price to less than $1/barrel.

If this war between those folks continue, am sorry to say, we are doomed.

But I believe that we would survive.

Na wah for wire road o..

When will all these coro- problems stop

And these idiot won't still stop looting o..
His cut for the month will reduce,d only reason why this one is complaining..

Our leaders never prepares for the future.All they do is to loot and loot and loot. I don’t blame them anyway but the populace who keeps votings past as their future.

Both the fed and state government are lazy buffalos. They couldn't think aside the box on ways to get more foreign exchange other than the oil. Yet bubu in his ineptness lumped and tag the ever resilient Nigeria youths as lazy. Tell me who's more lazy now

Very soon, you looters from federal to state government will have nothing to loot again.
Nonsense.

It is no longer zero if FG is going to pull 150 million dollars to na. But u governors must also sacrifice by cutting cost of governance this period so that u can meet up with salary obligations. And the governors should kindly tell presido that this prolonged lockdown will make things worse for state governments so he should lift it partially let healthy ppl return to work.

Nonsense.. Uselessness Leaders when Oil was at it's prime what meaningful things did they use the money for.. Bunch of Authority Stealing Leaders we have in Nigeria.

Nobody should say GEJ government is the most corrupt government in Nigeria history again, because Buhari government has set a new record in corruption! When OBJ was president, crude oil price was selling around same price it is now that oil prices have crashed during this current Buhari civilian dictator regime. Almost the same amount of population, same number of States, same government system, yet under OBJ regime we didn't die, Nigeria's economy grew, he built infrastructure, and delivered "some" good dividends of democracy without borrowing. And all states were paid their allocation (except Lagos of course which was political but the money was there, just withheld, not like money was not there). But now, this corruption personified government are already telling us states won't get allocation soon because oil prices have fallen to the same level it was during OBJ government. Who's fooling who? Bunch of incompetent thieves. They can't even tell intelligent lies, but will be telling foolish lies that even a 2 year old can figure out how stupid their lying is

Ayo8:
This COULD be the sequence of events if no improvement in oil price say in 6months...

FG Deplete external reserve
FG can't pay salaries
No allocation to state govt <<<--- June
State govt cant pay salaries
Nation grinds to a halt
Severe hunger in the land
Revolu***n.

It's just for a time.Tough time is not meant to last long if we keep our faith in God and put the led first before the leaders.

Nigeria politicians are all Criminals.
From Buhari, to Fayemi, to that Councillor in your village.

Spit on all of you!
Stu.pid people.

Very good but bad for the civil servants who deserve their monthly pay...may God punish our governors and the FG for not espousing true federalism so that states can be competitive financially..

Oil price has finally dealt us a big blow...