FG, States, LGs share N715.8bn
for July on august 23, 2013 at 1:10 am
in business Abuja - The Federation
Accounts Allocation Committee
(FAAC), on Thursday shared
N715.8 billion among the three
tiers of government for July. The Minister of State for
Finance, Dr Yerima Ngama,
disclosed this to newsmen
shortly after the committee’s
meeting in Abuja. “The total revenue distributed
for July, including Value Added
Tax (VAT), is N715. 845billion. “The distributable statutory
revenue was N483.482 billion
which was below what was
budgeted for the month by
N111.282 billion. “It was, however, less than
what was collected in June,
which was put at N140.285
billion. “The sum of N115 billion, being
part payment of the arrears of
argumentation for June, was
proposed for the month. “The sum of N7.6 billion was
refunded by NNPC, while N35.5
billion was proposed for
distribution under the SURE-P
programme. `The Federal Government
received N227.5 billion (52.68
per cent), states had N115.3
billion (26.72 per cent), while
the local governments got N88.
9 (20.60 per cent)”, he said. The minister added that N45.1
billion or 13 per cent Derivation
Fund was paid to the six oil
producing states. Ngama said the gross revenue
of N497. 9 billion received for
the month was lower than the
N863.0 billion received in the
previous month by N365.0
billion. “This was due to continuous
theft of crude oil, leakages,
pipeline breaks at various
terminals, some machine
failure and repairs. “Also, downward review of
some companies estimates and
a judgment debt by the Tax
Appeal Tribunal on Education
Tax reduced PPT payable for
the month,’he said. The minister said the mineral
revenue collected for the
month was N361.9 billion,
adding that the amount was
less than N550.3 billion
received in June. He said the non-mineral
revenue collected in May was
N136.0 billion, showing a
decline of N176.6 billion
compared to N312.6 that was
collected in June. Ngama said N4.1billion was
paid to Federal Inland Revenue
Service (FIRS) and N2.3 billion
to Nigeria Customs Service
(NCS) as collection fee for the
month. He said the balance of the
Excess Crude Account was 5.1
billion dollars. Mr Timothy Odah, the
Chairman, Finance
Commissioners Forum,
apologised to Nigerians for the
late sharing of the revenue.

And the looting spree continue as no value for money earn . Thus There is need for efficient value for money audit !!! Looters continue to milk the nation while unemployment continue to rise. I weep for Nigeria

Until we stop this monthly act of madness, Nigeria is going nowhere.