The Office of the Accountant General of the Federation has said that the introduction of Treasury Single Account (TSA) will boost revenue collections against leakages and ensure timely disbursement of funds to beneficiaries of the Federation Accounts among others.

The Accountant General of the Federation, Alhaji Ahmed Idris made the disclosure during separate courtesy visits to his office by managements of United Bank for Africa (UBA), Access Bank and Zenith Banks.

He said the TSA was part of the reforms of the government to institutionalize a more effective and transparent management of public finances in the country.


Ahmed Idris added that the compliance to the Presidential directive on the implementation of TSA is to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution as it paves way for the timely capture and payment of all due revenues into government coffers.

The TSA is a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources. It is a bank account which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time. The system also eradicates loss and leakages of legitimate revenue meant for the Consolidated and federation accounts.

Meanwhile, the Accountant General of the Federation has disclosed that there had been noticeable improvement in Non-Oil revenue against Mineral Revenue in July 2015 which were shared last week at the meeting of the Federation Account Allocation Committee (FAAC).

In a Communique he issued at the FAAC in Abuja, Ahmed Idris presented a total sum of N511 billion for distributions to the beneficiaries of the Account.


The allocation comprised the month’s Net Statutory revenue of N411.866 billion, Value Added Tax of N71. 947 billion and an Exchange gain of N6.409 billion.

In the net statutory allocation, Federal Government received N202 billion (52.68%); State governments received N102billion (26.72%); Local Government Councils received N79 billion (20.60%); while the Oil Producing States received N28.209 billion as 13% derivation revenue.

On the Net Revenue from the Value Added Tax (VAT) of N71.947 billion, the Federal Government received N10.792 billion (15%); States received N35.974 billion (50%) while the Local government Councils received N25.181 billion (35%).

Other allocation made at the meeting included the Refund of N6.33bn by the Nigeria National Petroleum Corporation (NNPC), Exchange Gain of N6.409bn among others.

Ahmed Idris attributed recent shortfall in the oil revenue to shut-down and shut-in of production for maintenance and emergency repairs as well as declaration of Force Majeure by SPDC.

http://dailypost.ng/2015/08/30/tsa-boosts-revenue-collections-as-faac-shares-n511bn-agf/?wt=2

lalasticlala!!!

Let's not forget, PDP Under Jonathan Shared N211B only in May before they handed over power...

Now, President Buhari with just under two months in power increased the same by over 100% with the price of Crude in a free fall (41 dollars).

No wonder, his only opposition comes from one section of the country, who feels the only way it can break away from the country, is to continually wishing evil on its component unit, without minding that their present progress, depends on the progress of the Country!

President Buhari, Continue re engineering the country, as 75% of Nigerians are solidly behind you!

NONSENSE.... U made a post nd u sat on ftc





Well with d anime above me, i can proudly say naija wud work again since buhari has fixed d body and bought tires...... Engine na small tin

Thought some naysayers said govt was definitely going to owe because some council meeting didn't hold or whatever last month

The TSA directive obviously makes sense and it's implementation is now yielding true dividends

jaybee3:
Thought some naysayers said govt was definitely going to owe because some council meeting didn't hold or whatever last month

The TSA directive obviously makes sense and it's implementation is now yielding true dividends

They are ashamed to admit the giant strides attained so far, just under 3 months of a Clean Government!

This is interesting.

NgeneUkwenu:


They are ashamed to admit the giant strides attained so far, just under 3 months of a Clean Government!

How can you argue with people who wanted us to give President Jonathan 4 more years?

NgeneUkwenu:
Let's not forget, PDP Under Jonathan Shared N211B only in May before they handed over power...

Now, President Buhari with just under two months in power increased the same by over 100% with the price of Crude in a free fall (41 dollars).

Bros, take it easy with the dishonesty. You have become a caricature of APC and I sometimes wonder whether you are some sort of PDP fifth columnist.

4Play:


Bros, take it easy with the dishonesty. You have become a caricature of APC and I sometimes wonder whether you are some sort of PDP fifth columnist.

The Minister of State for Finance, Mr Bashir Yuguda, said N388 billion was shared among the federal, states and local governments as revenue for April 2015.

Yuguda announced this in Abuja when he addressed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

4Play:


[s]Bros, take it easy with the dishonesty. You have become a caricature of APC and I sometimes wonder whether you are some sort of PDP fifth columnist.[/s]

Being honest to you, is not to admit the current progress under Buhari? Being honest to you, is to shout Biafra while hoping that Nigerian project fails?

You are a sadist! Move away!

lalasticlala, this is a good news to our ears!

“Also, there is the exchange gain of N24.7 billion which is proposed for distribution, therefore, the total revenue distributable for the month of April, including VAT of N75.1
billion,

Buhari and APC will kill you with propaganda if you are not inquisitive.

Let's analyze Ngeneukwenu's thread from the topic perspective in relation to TSA.

April, 2015
VAT = N75.1bn
Exchange Rate Gains = N24.7 billion

August, 2015
VAT = N71.947bn
Exchange Rate Gains = N6.409bn




Jonathan was by far better

I wonder whether these are the official figures as not long ago, a Nairalander proclaimed that N630.98bn was shared for July 2015. See below:

So how do we explain this? In June, Nigeria’s three tiers of government met and shared the sum of N409.3bn after the Federal Account Allocation Committee met in Abuja to disburse gross revenues for the month of May. A month later, when they met again to share that of June, the total amount was N518.54bn – an increase of 26.68 per cent. When they met to share the gross revenues for the month of July, the gross revenue had increased by almost 22 per cent to N630.98bn.

https://www.nairaland.com/2515530/how-come-oil-prices-fell#36806165

The N511bn for July is also lower than the June figure of 518bn:

At the meeting of the Federation Account Allocation Committe (FAAC), in Abuja on Friday, a total sum of N518, 542bn was distributed to the three tiers of government being federally generated revenue for the month of June.

http://www.tv360nigeria.com/video-faac-distributes-n518542bn-for-june-2015/

NgeneUkwenu:


Being honest to you, is not to admit the current progress under Buhari? Being honest to you, is to shout Biafra while hoping that Nigerian project fails?

You are a sadist! Move away!

Even your response to an accusation of dishonesty is laden with dishonesty. Where in my posts do you find support for Biafra? Are you a congenital liar that cannot help yourself?

I strongly believe if given time Buhari will deliver a very historic performance.

See how APC zombies are trying to decieve Nigerians. The Single account initiative was introduced by GEJ in january.
Proudly 5%.

Government revenue increasing while price of crude oil (the main source of revenue) is falling... as I said earlier this achievement is "against the law of physics".

Sharing revenue is not exactly something to celebrate in Nigeria knowing the way politicians treat government resources but the fact that more money is being generated is an indication of the quality of leadership. When PMB is done with putting the right structures in place at the federal level - which he is working on now - I suggest he turns his attention to the states, in an unobtrusive manner and without contravening the constitution.

Some steps to consider would be:
-Removal of immunity for politicians for corruption cases
-Discontinuation of security vote for governors
-Discontinuation of constituency project payments to legislators - the funds can be paid directly to the town unions in those communities to administer and render account, if it must be paid.

Change is here... I am proud to be associated with it.

IsraeliAIRFORCE:
“Also, there is the exchange gain of N24.7 billion which is proposed for distribution, therefore, the total revenue distributable for the month of April, including VAT of N75.1
billion,

Buhari and APC will kill you with propaganda if you are not inquisitive.

Let's analyze Ngeneukwenu's thread from the topic perspective in relation to TSA.

The Minister of State for Finance, Bashir Yuguda, on Friday, said N388 billion was shared among the federal, states and local governments as revenue for April 2015.

Yuguda announced this in Abuja when he addressed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

He said that the shared amount comprised the month’s statutory revenue of N282 billion and N6.3 billion refunded by Nigerian National Petroleum Corporation (NNPC).

“Also, there is the exchange gain of N24.7 billion which is proposed for distribution, therefore, the total revenue distributable for the month of April, including VAT of N75.1 billion, is N388 billion.”

The amount shared for the month was N47 billion less than what was shared in the preceding month.

Giving the breakdown of revenue among the three tiers of government, Yuguda said the Federal Government received N132.1 billion, representing 52.68 per cent; states, N67 billion, representing 26.72 per cent.

The local governments, he said, received N51.6 billion, amounting to 20.60 per cent of the amount distributed.

He announced that N23.1 billion representing 13 per cent derivation revenue was shared among the oil producing states.

On VAT, he said that the gross revenue collected for the month increased by N3.9 billion from the N71.1 billion recorded in February.

Yuguda said N180.4 billion was generated as mineral revenue in April as against the N228.5 billion generated in the preceding month.

According to him, this shows a decrease of N48.1 billion between the two months.



He said that the non-mineral revenue for April was N101.5 billion, which when compared to the N86.4 billion generated in March, showed an increase of N15 billion.

The minister said the revenue generation for the month was low, explaining certain reasons for it.

He added that “the continued shut down and shut in of trucks and pipelines at various terminals continued to impact negatively on crude oil revenue.

“However, an increase in the average price of crude oil from 55.3 U.S. dollars in February to 56 U.S. dollars in March brought about 21.6 million U.S. dollars gain in revenue.

“Also, non oil revenue performed better in April than in March 2015.”

The Chairman, Finance Commissioners Forum, Mr Timothy Odah, expressed concern over the low revenue generated for the month.

He said “the country is facing serious financial and economic crisis.

“ Excess Crude Account is depleted already, and you are aware that we had earlier resolved that there should be a stop on the
use of ECA to augment what the three tiers of government share monthly.

“So, the ECA is currently depleted and it has gone beyond the level that we can get anything reasonable from it.”

Odah criticised states that were owing salaries, saying the governors of those states should have made the payment of salaries
their top priority after collecting their monthly statutory allocation.

The last FAAC meeting which revenue will be shared under President Goodluck Jonathan’s administration

 http://businessnews.com.ng/2015/05/17/faac-states-lgs-share-n388bn-for-april/

NgeneUkwenu:




 http://businessnews.com.ng/2015/05/17/faac-states-lgs-share-n388bn-for-april/

Let's analyze Ngeneukwenu's thread from the topic perspective in relation to TSA.

April, 2015
VAT = N75.1bn
Exchange Rate Gains = N24.7 billion

August, 2015
VAT = N71.947bn
Exchange Rate Gains = N6.409bn




Jonathan was by far better

NgeneUkwenu:
Let's not forget, PDP Under Jonathan Shared N211B only in May before they handed over power...

Now, President Buhari with just under two months in power increased the same by over 100% with the price of Crude in a free fall (41 dollars).

No wonder, his only opposition comes from one section of the country, who feels the only way it can break away from the country, is to continually wishing evil on its component unit, without minding that their present progress, depends on the progress of the Country!

President Buhari, Continue re engineering the country, as 75% of Nigerians are solidly behind you!

Propaganda propaganda propaganda. It will not take this govt anywhere. Buari should start paying the N5,000 and declare his assets as promised to nigerians immediately or he will be stoned by febuary next year.

Demdem:
Yet fools wont want to count these as part of General Buharis acheivement. He is constantly plugging holes jonah-daft in his daft state widened when he was in charge.

They are ashamed to admit, that Nigeria under jonathan was a fraud!

Wow

NgeneUkwenu:

They are ashamed to admit, that Nigeria under jonathan was a fraud!

Tell us more about TSA

NgeneUkwenu:


They are ashamed to admit the giant strides attained so far, just under 3 months of a Clean Government!

Hahahahahahahhah!!!!!!! A govt with no cabinet in sight why won't revenue increase? No single federal project is going on. Infact this administration has not started any project. Its all about I will, we will, soon we will.

NgeneUkwenu:


They are ashamed to admit, that Nigeria under jonathan was a fraud!

Dont mind the fools. Even General Boyloaf his main man told us that Jonah-daft was a wicked mad man. only some inconsequential ibos disagree. Abobakus for Jonah-daft


https://www.youtube.com/watch?v=tqq67csbN2w&feature=youtu.be

APC zombies are very very very dumb. They are dumbly trying to compare revenue generation with GEJ's government that is already complete with cabinet in place and federal projects scattered all over the country, with Buari's empty government with no cabinet in place and no single project going on. Why will revenue not increase? I tire for these xombies.

But i taught Apc said d nation is broke

https://www.youtube.com/watch?v=d3yO5oSsuGc

Okay. Countdown to ministerial appointment

Laudable..can this also be attributed to Buhari's body language too? Because it seems this is the new trend now.