Federation Account definition

Federation Account means the account out of which, inter alia, the monthly statutory allocation due to each state of the Borrower is drawn;
Sample 1Sample 2Sample 3
Federation Account means the Federal Account stated in section162 of the Constitution of the Federal Republic of Nigeria 1999;
Sample 1Sample 2
Federation Account means the Federation Account stated in section 162 of the Constitution of
Sample 1

Examples of Federation Account in a sentence

  • Statutory allocation is income from the revenue allocation system wherein funds are allocated to each federating unit from the Federation Account based on certain predetermined criteria.

  • Payments are effected to Federation Account by NNPC after adjusting crude & product losses and pipeline repairs & management cost incurred during the period.

  • Both categories are lifted and marketed by NNPC and the proceeds remitted into the Federation Account.Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, are paid directly into Federation Account domiciled in the Central Bank of Nigeria (CBN).

  • The governors pleaded their inability to pay the new wage bill and suggested the removal of fuel subsidy to ensure that more money accrues to the Federation Account, which will in turn be shared 1among the three tiers being federal, state and local governments.

  • They are not subject to sharing by the three tiers of government and it does not find itself into the Federation Account.

  • The governors pleaded their inability to pay the new wage bill and suggested the removal of fuel subsidy to ensure that more money accrues to the Federation Account, which will in turn be shared among the three tiers being federal, state and local governments.

  • FAAC Technical Subcommittee, Federation Account Income Distribution for the Year 2013.

  • Subsequently, Nigeria sets up a high powered implementation team, officially known as the Federation Account Allocation Committee (FAAC) sub-committee on the road map for adoption of IPSAS.

  • One inter- pretation of the Constitution is that any such revenues should accrue instead to the Federation Account, and therefore be subject to distribution to Federal, State, and Local budgets by formula.

  • For instance the 2009 budget reported that oil-related revenue accounts for 80% of the aggregate projection for Federation Account receipts in 2008 while non-oil sources of revenue accounted for 20% (Nigerian Budget 2009).


More Definitions of Federation Account

Federation Account means the Federation Account established
Sample 1
Federation Account means the pool of revenue of the Borrower for distribution between the three tiers of government using an agreed distribution formula;
Sample 1
Federation Account means the Federation Account established under section 162 (1) of the Constitution.
Sample 1

Related to Federation Account

  • Administration Account As defined in Section 7.02.

  • Transaction Account means a cash account established and maintained by Repo Custodian for the Funds to effect repurchase transactions pursuant to the Master Agreement.

  • Distribution Accounts Collectively, the Upper-Tier REMIC Distribution Account, the Lower-Tier REMIC Distribution Account, the Excess Interest Distribution Account (and in each case any subaccount thereof), all of which may be subaccounts of a single Eligible Account.

  • Retention Account means, an interest bearing USD account in the name of the Borrowers opened or (as the context may require) to be opened by the Borrowers with the Bank and includes any sub-accounts thereof and any other account designated in writing by the Bank to be the Retention Account for the purposes of this Agreement;

  • Accumulation Account The account designated as such, established and maintained pursuant to Section 5.01(a)(iii) of the Trust Sale and Servicing Agreement.

  • Collection Accounts As defined in Section 3.10(a).

  • Concentration Account has the meaning provided in Section 6.13(c).

  • Distribution Account Deposit Date As to any Distribution Date, 12:30 p.m. Pacific time on the Business Day immediately preceding such Distribution Date.

  • Collection Account Bank means any of the banks or other financial institutions holding one or more Collection Accounts.

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Note Distribution Account means the account designated as such, established and maintained pursuant to Section 5.1(a)(ii).

  • Concentration Accounts has the meaning ascribed to it in Annex C.

  • Principal Accumulation Account means the account designated as such, established and owned by the Issuer and maintained in accordance with Section 4.2.

  • Distribution Account means the Bank Account (which may be a current, saving or deposit account) maintained by the Trustee with a Bank as directed by the Management Company in which the amount required for distribution of income to the Unit Holder(s) may be transferred. Interest, income or profit, if any, including those accruing on unclaimed dividends, in this account shall be transferred to the main account of the Fund from time to time, as part of the Trust Property for the benefit of the Unit Holder(s).

  • Sub-Account means any of the individual sub-accounts of a Participant's Separate Account that is maintained as provided in Article VIII.

  • Checking Account means a Demand Deposit account (DDA), a Negotiable Order of Withdrawal (NOW) account, a Savings account and a Money Market account at the Bank that you open through the Bank website; "Account" includes any Checking, Certificate of Deposit, or Savings account at the Bank opened through the Website or in person; "Card" means an automated teller machine card and/or a VISA debit card that accesses your Checking, Savings, Money Market, or NOW account; "PIN" means the personal identification number you use in connection with your Card; "Password" means the password you use to access the Website and your Bank Accounts through a personal computer or other electronic terminal; "Access Device" means your Card, Password, or other device or code we make available to you to access your Accounts; "Business Day" means Monday through Friday, except federal holidays; and "Authorized User" means any person you authorize or permit to use your Card, Password or other Access Device to access your Accounts, whether that person uses the Access Device to obtain information or to conduct a transaction. This EFT Agreement is part of the Banking Documents. Other terms used in this EFT agreement may be defined elsewhere in the Banking Documents. • ATM Safety • Funds Transfers • Other Electronic Fund Transfer Services • Liability For Unauthorized Electronic Transfers • Other Electronic Fund Transfer Services Types of Transactions‌ We offer the following types of Electronic Fund Transfers (EFT) Services for your Checking Account. • Direct Deposits. You can arrange for direct deposits to your checking and savings account(s). • Preauthorized Credits/Debits. We accept, on your behalf preauthorized Credits/Debits drawn on your Deposit Accounts which allow unrestricted activity. Through our electronic bill payment service, you are able to electronically transfer funds from your Deposit Account to other parties, provided the account allows such activity. We may conduct these transactions via Automated Clearinghouse (ACH) transfer. We may also accept and direct funds by wire transfer. Each of these services has unique fees associated with the transaction. Please consult our Schedule of Fees herein. When you provide the party initiating the withdrawal or deposit with advance authorization to make recurring ACH transfers to or from your Account, the transfers are referred to as "preauthorized transfers." Because these preauthorized transfers are performed electronically through the ACH, they are governed by federal regulations pertaining to EFT Services, which entitle you to certain benefits and protections in connection with the EFT Services, such as the right to receive a copy of your written authorization to make preauthorized transfers from your Account from the party that obtains it. • ATM and Point-of-Sale Transactions. ATM Transactions. ATM Cards issued by us to you remain our property and you may be requested to return the Card to us at any time for any reason. Each card is used in conjunction with an authorizing Personal Identification Number ("PIN"). To guard against someone initiating a transaction that you have not authorized, you must take all reasonable precautions to prevent any other person from learning your PIN. If you permit or authorize another person to use your Card and PIN, you will be liable for all resulting transactions. You may use your Card at ATMs which are a part of an Electronic Funds Transfer service network to which the Bank belongs ("EFT network"). ATM withdrawals are available up to the daily authorization limits disclosed below, provided the available balance in the Deposit Account associated with your card is greater than or equal to the amount requested, plus any fees that may be charged along with the cash disbursement. • Withdraw cash from your Checking Account. • Find out your Checking Account balances. • Transfer funds between your own accounts at the Bank (if available on the ATM in use). • Withdraw cash from your Savings Account. • Make deposits to your own accounts.

  • Principal Accumulation Account Balance means, for any date of determination, the principal amount, if any, on deposit in the Principal Accumulation Account on such date of determination.

  • Company Contribution Account means (i) the sum of the Participant’s Company Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to the Participant’s Company Contribution Account.

  • Surplus Account has the meaning assigned to it in Section 3.02(a).

  • Investment Account As defined in Section 3.12(a).

  • Collections Account has the meaning given to such term in Section 3.01(a) hereof.

  • Payroll Deduction Account means the bookkeeping account established for a Participant in accordance with Section 6.

  • Collection Account Agreement means each agreement substantially in the form of Exhibit VI, or such other form as may be acceptable to the Agent, among the applicable Originator, a Seller, Collection Bank and the Agent, as it may be amended, restated, supplemented or otherwise modified and in effect from time to time.

  • Savings Account means an account, which is based on Mudarabah and its profit shall be calculated based on the profit earned on any balance maintained above the minimum threshold or average threshold (as may be agreed upon with the Bank).

  • Billing Account is the checking account from which all Service fees will be automatically debited.

  • Principal Distribution Account means the account by that name established and maintained pursuant to Section 4.1 of the Sale and Servicing Agreement.