THE federation accounts allocation committee (FAAC) shared the sum of N420 billion among the Federal, State‎s and Local Governments for the month of September 2016.


It is however short by N35.3bn compared with the amount in August this year.


Giving the breakdown, FAAC chairman who also doubles as ‎the Permanent Secretary, Ministry of Finance, Alh. Mahmoud Isa Dutse who stood for the Minister of Finance, Mrs Kemi Adeosun said, the gross statutory revenue of N279, 746 billion received for the month was lower than the N315. 045 billion received in the previous month by N35. 299 billion.


He said, Crude Oil export volume decreased by 1.15 million barrels in June, ‎2016. The decrease, according to him was caused by revenue decline of $45.52 million in Federation export sales despite the increase in average price of Crude Oil from $46.06 per barrel in May, 2016 to $48.43 per barrel in June, 2016.


Force Majeure ‎was declared at Bonny Terminal and there was a subsisting Force Majeure at Forcados Terminal. Shut-in and shut-down of Pipelines for repairs and Maintenance also contributed ‎to the drop in revenue.


Also, there were decreases in volume of dutiable imports, receipts from Joint Venture Cash Call, Foreign Companies Income Tax (CIT) ‎and Value Added Tax (VAT).


The distributable statory Revenue for the month is N250.947 billion. The sum of N6.330 billion ‎was refunded by NNPC to Federal Government.


There is a proposed distribution of N63.386 billion from Ex‎cess PPT Account. Also, exchange gain of N41. 402 billion is proposed for distribution.


Therefore, the total revenue distributable for the current month (including Vat) is N420.000 billion.


The Permanent Secretary who said that the recent International Monetary Fund (IMF) rating, placing Nigeria’s economy above that of South Africa, has shown that Nigeria is a major investment destination in Africa, said, ‎Excess Crude Account stood at $2.454 billion.


Asked why the Excess Crude Account which was announced to stand at $‎2.9 billion in the last FAAC meeting reduced to $2.454 billion, the Accountant General of the Federation, Ahmed Idris argued that the amount has not change, but disclosed that Petroleum Profit Tax (PPT) which was included in the $2.9 billion was now detached from the Excess Crude Account for the sake of clarity.

YorubaStinks:
Nznzh

LordGuru1:
Click Like if you know the poster ΛΛΛ before me is senseless, Click Share if you agree his myopic dream was shattered.





GOD Bless Nigeria!

















You make money from Nigerian People and you still curse Nigeria, you are irredeemably eternally cursed already!!!

Lilimax:
Shebi dem don start to dey share?
That's how they'll end up spending the money meant to be saved for the rainy day and
at the end they'll blame GEJ

YorubaStinks:
Please

I have a very important question

Where and how are the money spent

Show me how all these money are spent, I mean good roads, 24 hour electricity, good hospital and health insurance, good high schools and universities


Answer 1. Roads

Answer 2. Education

Answer 3. Facilities

Answer 4. Electricity

Answer 5. Health care

Please, i really need answers to these questions

Lilimax:
Shebi dem don start to dey share?
That's how they'll end up spending the money meant to be saved for the rainy day and
at the end they'll blame GEJ

eLcastro:
Hmmmm..#Everyday my pray is.,can't dey jus share dis money among everyone...say we 200million people...juz giv everyone 1mil each nd letz takia of our problems ourselves.,u want lyt u buy fuel..bad road-everyone on dat str contribute nd repair...I knw someone will say am ignorant of running a govt o...buh b4 u say.,ask ursef do we really see anything 4rm all dis money been spent....#TeamJustShareTheMoney

Clinton9000:
When I see headline like this, I get very angry with Niger Delta people. Do you have brain to know that this One Nigeria only exists because of your oil? Can't you see how they are sharing your oil money? What's the business of someone in Katsina, Lagos or Enugu with your oil money? I was in Akwa Ibom the other day and saw people suffering; I mean real suffering that I got so angry asking them...have you been to Abuja and Lagos to see what your oil money built? This country should be divided/restructured and every region/country should managed its resources. SE, SS, NE, NC, NW and SW, all should individually manage thier resources and pay tax to the center. Even if under Biafrra, if you listen to Radio Biaffra, every province will manage its resources like it's in US and pay tax to the center. If Bayelsa makes 900 billion in oil sales a yr, you simply pay 30-40% to center AND KEEP THE REST FOR BAYELSANS ONLY...YOU DON'T HAVE TO SHARE IT WITH IMO, ANAMBRA, DELTA, AKWA IBOM, CROSS RIVER, ENUGU, EBONYI.