The Federation Account Allocation Committee (FAAC) shared N655.932 billion among the three tiers of government in April 2023, a decrease compared to the previous months.
The decline in allocation was primarily due to decreases in petroleum profit tax, company income tax, import and excise duties, oil and gas royalties, as well as a marginal decrease in value-added tax (VAT) and electronic money transfer levies (EMTL).

Nigeria’s oil production dropped by 2% in March 2023 compared to February, but overall, crude oil production in Q1 2023 showed a significant improvement compared to the previous year.
A communique issued by the Federation Account Allocation Committee FAAC in its latest meeting on Friday said it shared a sum of N655.932 billion among the three tiers of government in April 2023.

The figure compares with N714.629 billion shared in March and N722.677 billion shared in February 2023. The Federal Government had the biggest draw from the account (56%), the 37 State Governments (24%), the 774 Local Governments (20%), and other relevant agencies in the country.

The month-on-month decline is traceable to a significant decrease in petroleum profit tax (PPT), company income tax, import and excise duties, and oil and gas royalties, also a marginal decrease in VAT and EMTL.

The major drivers of the account are made up of five items which are: gross statutory revenue (GSR), Value Added Tax (VAT), exchange gain (EG), electronic money transfer levies (EMTL), and augmentation from forex equalization account.

Many States rely solely on FAAC allocations to run their states with very minimal Internally Generated Revenue (IGR). Based on the 2022 Budget report, states like Lagos Rivers Kaduna and Ebonyi have comparatively limited dependence on federally distributed revenue for their operations.


In contrast, states like Benue, Taraba, Adamawa, Yobe and Bayelsa either need to work harder on growing their Internally Generated Revenue considering the size of their operating expenses or work on pruning their operating expenses.

Based on data from the National Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s oil production dropped month on month, down 2% to 1.517 million barrels per day (mbpd), in March 2023, from 1.547mbpd recorded in February 2023.

The nation’s output had risen by 3.5% in February 2023 to 1.54mbpd from 1.494mbpd recorded in January. Nigeria produced about 70% of its 1.8mbpd OPEC quota in Q1 2023. Despite the March drop, the Q1 performance is a significant improvement in crude oil production from last year when production was at an all-time low.

When compared with the country’s budget benchmark, actual crude oil production in Q1 2023 was c.75.6% of the 1.69mbpd day in the 2023 budget.


https://nairametrics.com/2023/05/23/the-federation-common-purse-monthly-sharing-faac-is-shrinking/

4+4 is equals 8 but Buhari made it look liie 44 with the suffering level. Bye bye to herder mentality.

Ebonyi doing great to be amongst Lagos, Rivers that's less dependent on FAC.

Yet you want the criminal drug lord to finish the little that is remaining.

Wicked souls supporting a condemned criminal called Tifnubu.

Umahi has really done well in Ebonyi State

The PDP have ruined Bayelsa State, the State is lucky to be receiving 13% oi

SOSinNigeria:
Yet you want the criminal drug lord to finish the little that is remaining.

Wicked souls supporting a condemned criminal called Tifnubu.

Shallow things like you do not deserve to be commenting in the Politics Section

I pray it shrinks to zero!

All our states need to have a real and functional economy that can generate revenue huge enough to fund infrastructural development and other things.

I'm not a fan of this breastfeeding system of government; how can we become a developed country with this system?

just like a thief in the night they have looted and destroyed

Parachoko:
The Federation Account Allocation Committee (FAAC) shared N655.932 billion among the three tiers of government in April 2023, a decrease compared to the previous months.
The decline in allocation was primarily due to decreases in petroleum profit tax, company income tax, import and excise duties, oil and gas royalties, as well as a marginal decrease in value-added tax (VAT) and electronic money transfer levies (EMTL).

Nigeria’s oil production dropped by 2% in March 2023 compared to February, but overall, crude oil production in Q1 2023 showed a significant improvement compared to the previous year.
A communique issued by the Federation Account Allocation Committee FAAC in its latest meeting on Friday said it shared a sum of N655.932 billion among the three tiers of government in April 2023.

The figure compares with N714.629 billion shared in March and N722.677 billion shared in February 2023. The Federal Government had the biggest draw from the account (56%), the 37 State Governments (24%), the 774 Local Governments (20%), and other relevant agencies in the country.

The month-on-month decline is traceable to a significant decrease in petroleum profit tax (PPT), company income tax, import and excise duties, and oil and gas royalties, also a marginal decrease in VAT and EMTL.

The major drivers of the account are made up of five items which are: gross statutory revenue (GSR), Value Added Tax (VAT), exchange gain (EG), electronic money transfer levies (EMTL), and augmentation from forex equalization account.

Many States rely solely on FAAC allocations to run their states with very minimal Internally Generated Revenue (IGR). Based on the 2022 Budget report, states like Lagos Rivers Kaduna and Ebonyi have comparatively limited dependence on federally distributed revenue for their operations.


In contrast, states like Benue, Taraba, Adamawa, Yobe and Bayelsa either need to work harder on growing their Internally Generated Revenue considering the size of their operating expenses or work on pruning their operating expenses.

Based on data from the National Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s oil production dropped month on month, down 2% to 1.517 million barrels per day (mbpd), in March 2023, from 1.547mbpd recorded in February 2023.

The nation’s output had risen by 3.5% in February 2023 to 1.54mbpd from 1.494mbpd recorded in January. Nigeria produced about 70% of its 1.8mbpd OPEC quota in Q1 2023. Despite the March drop, the Q1 performance is a significant improvement in crude oil production from last year when production was at an all-time low.

When compared with the country’s budget benchmark, actual crude oil production in Q1 2023 was c.75.6% of the 1.69mbpd day in the 2023 budget.


https://nairametrics.com/2023/05/23/the-federation-common-purse-monthly-sharing-faac-is-shrinking/

655 billion is big.
There was a month it declined low to 500 billion

ImpregnaTor:
I pray it shrinks to zero!

All our states need to have a real and functional economy that can generate revenue huge enough to fund infrastructural development and other things.

I'm not a fan of this breastfeeding system of government; how can we become a developed country with this system?

your father.
Back to sender

Parachoko:
The Federation Account Allocation Committee (FAAC) shared N655.932 billion among the three tiers of government in April 2023, a decrease compared to the previous months.
The decline in allocation was primarily due to decreases in petroleum profit tax, company income tax, import and excise duties, oil and gas royalties, as well as a marginal decrease in value-added tax (VAT) and electronic money transfer levies (EMTL).

Nigeria’s oil production dropped by 2% in March 2023 compared to February, but overall, crude oil production in Q1 2023 showed a significant improvement compared to the previous year.
A communique issued by the Federation Account Allocation Committee FAAC in its latest meeting on Friday said it shared a sum of N655.932 billion among the three tiers of government in April 2023.

The figure compares with N714.629 billion shared in March and N722.677 billion shared in February 2023. The Federal Government had the biggest draw from the account (56%), the 37 State Governments (24%), the 774 Local Governments (20%), and other relevant agencies in the country.

The month-on-month decline is traceable to a significant decrease in petroleum profit tax (PPT), company income tax, import and excise duties, and oil and gas royalties, also a marginal decrease in VAT and EMTL.

The major drivers of the account are made up of five items which are: gross statutory revenue (GSR), Value Added Tax (VAT), exchange gain (EG), electronic money transfer levies (EMTL), and augmentation from forex equalization account.

Many States rely solely on FAAC allocations to run their states with very minimal Internally Generated Revenue (IGR). Based on the 2022 Budget report, states like Lagos Rivers Kaduna and Ebonyi have comparatively limited dependence on federally distributed revenue for their operations.


In contrast, states like Benue, Taraba, Adamawa, Yobe and Bayelsa either need to work harder on growing their Internally Generated Revenue considering the size of their operating expenses or work on pruning their operating expenses.

Based on data from the National Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s oil production dropped month on month, down 2% to 1.517 million barrels per day (mbpd), in March 2023, from 1.547mbpd recorded in February 2023.

The nation’s output had risen by 3.5% in February 2023 to 1.54mbpd from 1.494mbpd recorded in January. Nigeria produced about 70% of its 1.8mbpd OPEC quota in Q1 2023. Despite the March drop, the Q1 performance is a significant improvement in crude oil production from last year when production was at an all-time low.

When compared with the country’s budget benchmark, actual crude oil production in Q1 2023 was c.75.6% of the 1.69mbpd day in the 2023 budget.


https://nairametrics.com/2023/05/23/the-federation-common-purse-monthly-sharing-faac-is-shrinking/

Keep enjoying your ban nuisance 😂😂