The Federal Account Allocation Committee (FAAC), says on Thursday it distributed the sum of N559.032 billion to the three tiers of government.

This makes it highest allocation since the APC led administration of President Muhammadu Buhari took over power 12 months ago.

The Excess Crude Account (ECA) has also increased from $2.61b to $3.094 billion.

Minister of Finance and Chairman of FAAC, Mrs. Kemi Adeosun, who chaired the meeting said that the gross statutory revenue of N538.788 billion received for the month was higher than the N237.466 billion received in the previous month by N301.322 billion.

She attributed the improvement in the revenue to the non oil sector especially the Federal Inland revenue (FIRS) which she said has increased its collection by N165 billion as well as the Nigerian Customs Service.

Giving the breakdown of the distributed figures, the Federal Government received a total of N209.46 billion inclusive of its 52.68 percent and 15 percent Value Added Tax (VAT).

The State government received a total sum of N133.671 billion VAT inclusive while the Local Government Councils got the sum of N100.759 billion VAT inclusive.

According to the Minister, Crude oil export volume increased by 1.9 million barrels in March, 2016 despite the subsisting Force majeure declared at Forcados Terminal, Shut-in and Shut down of pipelines at other terminals due to leakages, vandalism and turn around maintenance.

The average price of crude oil increased from $32.26 in February to $38.64 in March, 2016 resulting in $92.99 million increase in Federal Export Revenue.

There was an outstanding increase in Companies income Tax (CIT) and Petroleum Profit Tax (PPT) with complementary increase in Import Duty and royalties.

The sum of N6.330 billion was refunded by NNPC to Federal Government of Nigeria, while N9.923 billion Solid Mineral Revenue generated from 2007 to 2014 was also distributed.

Also there was exchange gain of N79.272 billion which was proposed for distribution.

https://dailytimes.ng/faac-fg-states-lgas-share-n559-032b-june-eca-rises-3-094b/

Mmmmmh... .. From about 305 billion shared in may and they still say PMB is not working and has no economic blueprint.

For the first time in the 2016 fiscal period, the federal, states and local governments got monthly allocation from the Federation Account of N559.03 billion.

This month’s net distribution was N 263. 904 billion above last month’s N305.128 billion. This is as the gross revenue generated by the federation increased by N301.32 billion, the highest in almost two years.

The Minister of Finance, Mrs Kemi Adeosun, announced this in Abuja on Thursday while addressing newsmen at the end of the FAAC meeting

She attributed the increase in revenue to efficiency in collection by the revenue generating agencies.

Meanwhile the Chairman, Commissioners of Finance Forum, Mr John Inegbedion, said with the improved revenue for the month, all 36 states would be able to pay salaries for the month.

Also, the Commissioner of Finance, Cross River, Mr Asuquo Ekpenyong, said the state would start processing May and June salaries for payment.

http://www.vanguardngr.com/2016/07/faac-fg-revenue-rises-n301bn-shares-n559bn-states-lgs/


God bless PMB

Nigeria the only country in the world where people gather every month and share what they never worked for...

our governors will now be happy to banks

I sincerely hope this is a reality.

k

9ijaprince:
Nigeria the only country in the world where people gather every month and share what they never worked for...

Abi o

kahal29:
Mmmmmh... .. From about 305 billion shared in June and they say PMB is not working

Because it's PMB money? These Zombies sha

FagsamPHP:


Because it's PMB money? These Zombies sha

You are pained with this news

kahal29:
Mmmmmh... .. From about 305 billion shared in June and they say PMB is not working

What do you know? Naira has depreciated to about N294 from N199 in the official market meaning that every $ the FG earns is sold for N294 against N199 previously. So, for every N199 earned initially, they are now earning N294. So the naira earnings would increase even if actual earning in $ didn't.

For example, if the govt earned $2bn in the previous month, that would be N398bn while the same earning of $2bn today would be N588bn.

You gerrit?

sunnyb0b0:


What do you know? Naira has depreciated to about N294 from N199 in the official market meaning that every $ the FG earns is sold for N294 against N199 previously. So, for every N199 earned initially, they are now earning N294. You gerrit?

You are pained

odiks:

You pained with this news

Obviously.

kahal29:
You are pained

Apparently.

kahal29:
Mmmmmh... .. From about 305 billion shared in may and they still say PMB is not working and has no economic blueprint

You sure don't get it! That is. Why you were deceived by change in the 1st instance. This is usually the period when FIRS makes return on tax collection. The currency gain is as a result of the new fx regime while customs remittance is still well below expected level. In all, the figure represents a low preceding year basis!
What should be in your mind is the likelihood of FG not being able to pay salaries from October!

dollar is now 299 from 199, that is 50% devaluation. expected revenue in june is 305billion +50%*305 billion=457billion. there is improvement in tax collection. buhari well done.

What is that ECA meant for sef?

Pls share that Goddam cash so that states can be able to pay salaries.

Saving for Rainy days my foot

The rain that has been beating us since e no pass acid rain?

lekzyn:
our governors will now be happy to banks

Osho might be thinking of importing some ashy by now

Obzavin

tuniski:

You sure don't get it! That is. Why you were deceived by change in the 1st instance. This is usually the period when FIRS makes return on tax collection. The currency gain is as a result of the new fx regime while customs remittance is still well below expected level. In all, the figure represents a low preceding year basis!
What should be in your mind is the likelihood of FG not being able to pay salaries from October!

You are very pained

atleast one good news out of so many depressing news in nigeria

Ok

joyandfaith:
dollar is now 299 from 199, that is 50% devaluation.
expected revenue in june is 305billion +50%*305 billion=457billion.
there is improvement in tax collection.
buhari well done.

Pained ipod yoot.. Sorry ehn

Aunty Kemi said the day they start sharing above 500 billion is when they stop bail outs. Will it happen?

Sharing system things . . .
Next step is for our leaders to pay salary of 40 drivers in a LGA with only 2 vehicles.
The 'drivers' go home and reproduce many more of their type.
Then when things go bad we blame the FG.
Who is deceiving who here?

and the value of naira keep going down

Mynd44:
Aunty Kemi said the day they start sharing above 500 billion is when they stop bail outs. Will it happen?

Brother, please why did you move this thread to religion section? I deliberately created the thread in politics section so that it can gain the best of views and possibly somebody would do something about it.
Please help me move it back to politics section https://www.nairaland.com/3241419/catholic-church-injustice-humanity-dignity

I love what I'm reading. firstly, their is an unbelievable increase in government revenue as the result of a more efficient tax,levy,n royalties collection. secondly, so fake economist will come with their lies to say that it's because of to flexible fx policy.
MY QUESTION IS,IS THEIR INCREASE IN REVENUE GENERATION OR NOT? CAN THE STATE MEET HER NEEDS OR NOT?
ONE NAIRA NA ONE NAIRA, WHAT I FIT BUY WITH ONE THOUSAND YESTERDAY I FIT USE ONE THOUSAND BUY TODAY. SO, I NO GET TIME FOR WORRY,NA ALERT I THE WAIT FOR SO O.
for my friends living in foreign land,sent small money home and it will look big in the account.

When is this buffet of oil revenue going to end? It is good tidings though. At least some backlog of salaries can now be be paid.

Impressive at best.

Is this is sustainable or just 'a flash in the pan'?

Time will tell.

But with a 16.5% inflation rate and N145/ltr petrol price, it won't count for much in the market.

In as much as I want state resource control, after visiting some states in naija in recent times, I have come to the conclusion that mehnnnn hunger go kill some states if them try am.

Ekiti state for instance, Ebonyi, Taraba, Borno, Kastina (tho kstina dey try for farming)

We still have to rely on our oyel. What's the breakdown. Inerested @ wot Osun receives

DIFFERENT GRADES OF CHOPIN IN
GOVERNMENT
1. When you chop alone in government and no one chops with you, that is called OBJ

2. When you chop in government and you allow others to chop their own, that is called IBB

3. When you chop in government and you give others from what you have chopulated, that is called Abdusallam

4. When you chop in government and d place you are chopin eventually fold up, that is called Atiku

5. When you dey chop in government, you no remember your driver, secretary, office assistants, dat is called Gowon

6. When you dey chop alone in government, no remember anybody, you kon dey get
headache today, fever tomoro, hehehehehe. .. I laff oyinbo laff...dat one is called Shonekan

7. When dem just appoint you for government position, and you just chop small, auditors kon come say bring all papers, dat is called Nwodo

8. When you chop in government and you die while chopin, that is called Abacha

9. When you want to chop in government and you first give others to chop before you
begin to chop, that is called Goodluck Jonathan

10. When you are chopin your own in government and you call your friends to come and chop their own too, that is called Ibori

11. When you chop and clean mouth like say you no chop anything, that is called Fashola

12. When you chop from this government, that government, this government, that
government like say na you dem create Nigeria for, dat one is called Tinibu

13. When you chop in government so taaay you scatter ground, three houses for America, two for London, six for Maitama, seven for VI, as madam dey go shopping for Dubai, children dey go summer for Spain, EFCC kon gbab you, dat one is called Deziani

14. When you chop well well for government and people know say you chop well well but you dey deny say you chop well well, dat one is called Rotimi Amechi

15. When you chop in government so tay you are even richer than the place you dey chop, dat one is called Rochas

16. When you chop so tey you tire and come
begin de distribute the choppings to others. That one is called Dasuki

17. When you see government money and can't chop and won't let others chop, and u say all govt money belongs to people's projects dat one is called Buhari

18. When u read dis n refuse to share with others dat one is called OYO. On Your Own!!!
God save Nigeria

Hmmm. Share dis, share dat. Set of lazy people in government.