The Federal, States and Local Government in October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.

The Permanent Secretary of the Ministry, Mahmoud Isa-Dutse, said this on Thursday in Abuja while briefing journalists on the outcome of the monthly Federal Account Allocation Committee, FAAC.

Mr. Isa-Dutse attributed the decline to the decrease in revenue from export sales of $42.94 million due to a decrease in crude oil production by 1.25 million barrels.

He said even though the average price of crude oil increased from $46.29 per barrel to $48.66 per barrel, it was not enough to make up for the loss in production.

“Some of the issues that impacted negatively on crude oil production were attributed to ageing facilities which resulted to shut-ins and shut-downs of pipelines at various terminals for repairs and maintenance.

“Petroleum Profit Tax increased significantly while Import Duty and Value Added Tax improved only significantly.
“Companies Income Tax and Oil Royalty recorded slight decreases in the month under review,” he said.

In summary, Mr. Isa-Dutse said after deductions as cost of collection by FIRS, Customs and DPR, the federal government received N205.7 billion, representing 52.68 per cent; states and N104.3 billion, representing 26.72 per cent.

The local governments, he said, received N80.4 billion, amounting to 20.60 per cent of the amount distributed.

Mr. Isa-Dutse announced that N40.8 billion representing 13 per cent derivation revenue was also shared among the oil producing states.

He said that the country generated N317.2 billion as mineral revenue and N124.4 billion as non-mineral revenue.

He said this showed an increase of N41.6 billion from what the country generated as mineral revenue and a decrease of N23.5 billion in non-mineral revenue from what was generated in the month of September.

Meanwhile the Chairman, Commissioners of Finance Forum, Mahmoud Yunusa, has apologised for the lateness in holding the meeting, which was supposed to have taken place on November 23.

He said the meeting was cancelled by the state governors due to discrepancies found in revenue figures presented by some of the revenue generating agencies.

Mr. Yunusa confirmed that the NNPC had increased what they had initially presented to FAAC as what they had generated after the states showed their displeasure.

He said that to avoid such occurrence, the states as a major stakeholder in NNPC, would henceforth keep “an eagle eye on the affairs of the NNPC”.

“Going forward we will be fully involved in what the NNPC does to avoid this kind of errors in future. We will scrutinise their books,” he said.

yanabazee:
N532billion and most states won't still pay off their staffs but will be waiting for more Paris refund...

GODISGREAT123:


The FG takes more that 50% of that while all 36 States and 774 LGAs share the rest. It isn't much if you know the wage bill of some states

cdqyehyeh:
And wot is it used for.
Kogi governor: pocket money as usual.
Imo governor: i will use it to construct minister of happiness statue
Abia governor: I built wheel barrow factory
Ekiti governor:i use it to get kids New year cloth in advance, and i bought lot of plantain 4rm d plantain seller.

BakireBulmaker:
Restructuring remains the way forward...

anonimi:
Atiku canvasses true federalism, says Nigeria’s structure “not working

May 31, 2016

Former Vice President Atiku Abubakar on Tuesday said the Federal Republic of Nigeria as currently constituted was not working, saying greater autonomy to states remained the panacea to the country’s multi-faceted internal crisis.
Mr. Atiku’s recommendations came when he spoke at the official launch of “We Are All Biafrans”, a new book by journalist and scholar, Chido Onumah, in Abuja.
Mr. Atiku, who was Nigeria’s vice-president between 1999-2007, said Nigerians had suffered for too long under a poorly-designed structure.
“Nigeria is not working, as well as it should,” Mr. Atiku said. “And part of the reason is the poor way we have structured our economy and governance especially since 1960.”
Mr. Atiku said the federal government’s powers dwindle those of states, consequently making it difficult for states to carry out customised initiatives for their individual residents, a situation he said “needs to change.”
“The federal government is too big and too powerful relative to the federating units,” Mr. Atiku said. “That situation needs to change and calling for that change is patriotic.”
Mr. Atiku also urged Nigerians to desist from labelling those clamouring for a weak centre in Nigeria’s political system.
“We must refrain from assuming that anyone calling for restructuring of our federation is working for the breakup of our country. Absolutely not. And I reject that notion.”

More from: https://www.premiumtimesng.com/news/top-news/204457-atiku-canvasses-true-federalism-says-nigerias-structure-not-working.html


www.nairaland.com/attachments/6319157_atikufederalism_jpegef6762deec1adad54c2cc3091f54b391

BMCSlayer:
This man(Buhari) is incompetent, and I'm just been kind with my remarks.

anonimi:


As promised by barawo bubu in 2011 but not implemented despite majority in the NASS and state governors/houses of assembly for constitution amendment.
As promised by El-Rufai aka FAILURE before he CHAIN-ged his mouth.
As promised by Atiku now that he is looking for southern votes.


www.nairaland.com/attachments/2343594_buharitruefederalismpromise_jpegc85970dabfc1bf2df5d730398a429913


www.nairaland.com/attachments/5571038_img20170629182543_jpegc7cee53f72c378e14af98da419eb2508


www.nairaland.com/attachments/5571039_img20170629182528_jpeg2b5f3db35e78dbd5c003c53dd3f908cc

Haddock:


Dislocated Comment!

Granted, he is incompetent but please look for a more appropriate thread on Nairaland and rewrite your comment again. This thread is about sharing N532.7bn in October.

yanabazee:
N532billion and most states won't still pay off their staffs but will be waiting for more Paris refund...

infofta:
I thought we export 1.8 million barrels per day at the rate of 62 dollars per barrel.
Somebody should explain. I don't get it.

yanabazee:
N532billion and most states won't still pay off their staffs but will be waiting for more Paris refund...