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Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation - Politics - Nairaland

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Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Nobody: 7:22am On Sep 24, 2015
September 23, 2015

The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwaobia, has said that N422.6 billion was shared among the federal, states and local governments as revenue for August.

Nwaobia announced this in Abuja, on Tuesday, when she addressed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. She said that the shared amount comprised the month's net statutory revenue of N369.1 billion. "Also, there is the exchange gain of N4.9 billion which is proposed for distribution."Therefore, the total revenue distributable for the month of August, including Value Added Tax (VAT) of N62.1 billion, is N442.6billion," she said.

Nwaobia said N6.3 billion was refunded to the federation by Nigerian National Petroleum Corporation (NNPC) and was also proposed for sharing. Giving the breakdown of revenue among the three tiers of government, Nwaobia said the Federal Government received N168.6 billion, representing 52.68 percent while states received N85.5 billion, representing 26.72 per cent. According to her, the local governments received N65 billion, amounting to 20.60 per cent of the amount distributed. Nwaobia announced that N27.8 billion representing 13 per cent derivation revenue was shared among the oil producing states.

On VAT, she said that the N62.1 billion collected for the month showed a decrease of N12.7 billion from what was collected in the preceding month.

She said that the country generated N215.9 billion as mineral revenue and N153.1 billion as non-mineral revenue. She said this showed a decrease of N12.8 billion and N51.5 billion, respectively, from what the country generated as mineral and non-mineral revenues in the preceding month.

She put the current balance in the Excess Crude Account at $2.25 billion, which showed that noting had been removed or added to it since July.

Nwaobia lamented over the low revenue generation for the month, while explaining certain reasons for it. "The Shut down and Shut-in of production for maintenance at different times and terminals during the month of July were the major issues that negatively impacted crude oil revenue. "Also, there was revenue loss of $8.6 million as a result of drop in average price of crude oil from $61.2 per barrel to $56.7 in July, 2015," she said.

In other matters, Nwaobia said that N12.5 billion was refunded to the Federal Inland Revenue Service because they were over-deducted.
http://tribuneonlineng.com/fg-states-lgs-share-n4226bn-august-allocation

2 Likes 1 Share

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Imortal001: 7:24am On Sep 24, 2015
States are getting fund, but they are reluctant to pay worker's salaries..

10 Likes

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Nobody: 7:28am On Sep 24, 2015
N511 billion in July and N442 billion in August? Why na? Abi Buhari body odor no dey work again?

60 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by SeverusSnape(m): 7:30am On Sep 24, 2015
"Buhari is a disaster" - Femi Aribisala

"Buhari is an agent of destruction" - Tinubu

"Buhari is a Certificateless illiterate" - Severus Snape

"I don't know what I'm doing" - Buhari

40 Likes 4 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Scatterscatter(m): 7:31am On Sep 24, 2015
Nawa ooo... All these money that they are sharing. Yet we don't feel the impact. Anyways, wetin concern me

3 Likes 1 Share

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by efilefun(m): 7:32am On Sep 24, 2015
Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by SeverusSnape(m): 7:32am On Sep 24, 2015
Sincere9gerian:
Why na? Abi Buhari body odor no dey work again?
B00HARI's body odour needs perfume, I mean strong musky perfume. *covers nostrils*

26 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by SeverusSnape(m): 7:33am On Sep 24, 2015
efilefun:
Please go and spray perfume on Buhari's body odour, because it's causing disaster.

27 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Nobody: 7:33am On Sep 24, 2015
Only backward and lazy countries still SHARE money in 2015. The insistence on running a UNITARY government in a multicultural society is a recipe for disaster and underdevelopment.

Given the current structure, Nigeria has NO hope.

44 Likes 5 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by psucc(m): 7:39am On Sep 24, 2015
dearpreye:
Only backward and lazy countries still SHARE money in 2015.
We yin them do abeg?

Abi true fiscal federalism? A.bokis no go gree.

6 Likes

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by dOnLarich: 7:49am On Sep 24, 2015
SeverusSnape:
"Buhari is a disaster" - Femi Aribisala

"Buhari is an agent of destruction" - Tinubu

"Buhari is a Certificateless illiterate" - Severus Snape

"I don't know what I'm doing" - Buhari

1 Like

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by ShowYourCertificate: 7:50am On Sep 24, 2015
Buhari hasn't been able to stabilise the oil market as promised. They are just busy milking our depleting source of revenue.

I wail for Nigeria

We've been scammed cry cry cry

33 Likes 4 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Nobody: 7:51am On Sep 24, 2015
One would have thought that with masturbative measures such as Buhari and his vice cutting their salaries by half, Buhari attending the UN assembly with only his son, zero oil theft, $20 billion Sanusi's oil money no longer missing, $6 billion not stolen by any minister, $150 billion not looted abroad by PDP (since the PDP is no longer in power)and running a one-man show govt without ministers, that the federation should now be sharing at least N1 trillion every month but alas that is not what we're witnessing currently.

Obviously, propaganda can only take you so far. We're now faced with stark reality. May God deliver us from this do-nothing govt led by body odor.

Cc: Ishilove, lalasticlala.

78 Likes 8 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by ShowYourCertificate: 7:54am On Sep 24, 2015
Sincere9gerian:
One would have thought that with masturbative measures such as Buhari and his vice cutting their salaries by half, Buhari attending the UN assembly with only his son, zero oil theft, $20 billion Sanusi's oil money no longer missing, $6 billion Oshiomole's money not stolen by any minister, $150 billion Buhari's money not looted abroad by PDP and running a one-man show govt without ministers, that the federation should now be sharing at least N1 trillion every month?

Obviously, propaganda can only take you so far. We're now faced with stark reality



grin grin grin

They are simply fooling themselves.

27 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by seunmsg(m): 8:03am On Sep 24, 2015
Sincere9gerian:
One would have thought that with masturbative measures such as Buhari and his vice cutting their salaries by half, Buhari attending the UN assembly with only his son, zero oil theft, $20 billion Sanusi's oil money no longer missing, $6 billion not stolen by any minister, $150 billion not looted abroad by PDP (since the PDP is no longer in power)and running a one-man show govt without ministers, that the federation should now be sharing at least N1 trillion every month

Obviously, propaganda can only take you so far. We're now faced with stark reality

Cc: Ishilove, lalasticlala.



You lack knowledge about how the finances of the country works.

The cost cutting measures introduced by PMB will only free up more resources that the federal government can use to fund its developmental projects in the country. It has nothing to do with the federation account that belongs to the entire federation. The federal government funds it's activities from the Consolidated revenue fund and not the federation account. Any cost cutting measure will affect the CRF and not the federation account.

The $20billion stolen by GEJ, Alison Madueke and other rogues in the GEJ administration have not been recovered and so cannot be a part of the federation account yet. You wailers are the ones shouting that the corrupt ridden GEJ administration should not be probed so, I wonder who you are trying to deceive.


And I don't think I need to address why we are experiencing a shortfall in the total revenue generated and shared from the federation account. The Permanent secretary in federal ministry of finance already addressed that. Shut down of production lines for maintenance and fall in the average price of crude oil internationally to around $56 is as clear as daylight and doesn't need any explanation.

23 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by SeverusSnape(m): 8:06am On Sep 24, 2015
seunmsg:


You lack knowledge about how the finances of the country works.
Oya Educate us professor Soludo.

35 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Icecomrade: 8:09am On Sep 24, 2015
Sycophants of this present government has failed to show me any achievement so far.

No policy decisions other than body language.

2.45 billion on excess crude account was handed over to this clueless government since May 29 yet nothing has been added to it despite the fact that this government has not taken up any capital project till date.

Am still watching

10 Likes 2 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Nobody: 8:10am On Sep 24, 2015
seunmsg:



You lack knowledge about how the finances of the country works.
I have arrived with my note and pen, so kindly educate us

31 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Nobody: 8:10am On Sep 24, 2015
Nigeria!!!!""" Land of Signs And Wonders

1 Like

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by wildchild1: 8:11am On Sep 24, 2015
so states have no excuse not to pay workers


in other news,order your club jerseys
https://www.nairaland.com/2447345/2015-2016-jerseys-available-affordable/4
Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by passionate88: 8:12am On Sep 24, 2015
1 naira to 1 dollar. We are waiting o

10 Likes

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by babywhite(f): 8:12am On Sep 24, 2015
Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by stanech: 8:13am On Sep 24, 2015
Sincere9gerian:
One would have thought that with masturbative measures such as Buhari and his vice cutting their salaries by half, Buhari attending the UN assembly with only his son, zero oil theft, $20 billion Sanusi's oil money no longer missing, $6 billion not stolen by any minister, $150 billion not looted abroad by PDP (since the PDP is no longer in power)and running a one-man show govt without ministers, that the federation should now be sharing at least N1 trillion every month but alas that is not what we're witnessing currently.

Obviously, propaganda can only take you so far. We're now faced with stark reality

Cc: Ishilove, lalasticlala.



APC the more you look the less you see.

Osun state governor said that Jonathan and his cronies were stealing all the money meant for the state that's why the states are unable to pay salaries.

APC is the greatest scam ever carried out by any body and their blind followers are the most stupid people to ever walk on the face of the earth

God abeg na your hand we dey look now ooo.

23 Likes 2 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by vivalavida(m): 8:13am On Sep 24, 2015
SeverusSnape:

B00HARI's body odour needs perfume, I mean strong musky perfume. *covers nostrils*


Mba. He needs formaldehyde,that chemical used for embalming dead bodies

18 Likes 3 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by passionate88: 8:13am On Sep 24, 2015
Sincere9gerian:
One would have thought that with masturbative measures such as Buhari and his vice cutting their salaries by half, Buhari attending the UN assembly with only his son, zero oil theft, $20 billion Sanusi's oil money no longer missing, $6 billion not stolen by any minister, $150 billion not looted abroad by PDP (since the PDP is no longer in power)and running a one-man show govt without ministers, that the federation should now be sharing at least N1 trillion every month but alas that is not what we're witnessing currently.

Obviously, propaganda can only take you so far. We're now faced with stark reality

Cc: Ishilove, lalasticlala.

Do people still believe the apc propaganda. ?

18 Likes 1 Share

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by yomalex(m): 8:13am On Sep 24, 2015
There is a need to find more sources of income

1 Like

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Lordtrillion(m): 8:13am On Sep 24, 2015
Hmm
Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by mmmustapha(m): 8:13am On Sep 24, 2015
I WANT TO USE THIS MEDIUM TO WISH MY MUSLIM BROTHERS AND SISTERS EID EL KABEER, MAY ALMIGHTY ALLAH PROTECT, GUIDE AND PROVIDE USE BEST IN THIS DUNIYA AND HEREAFTER, MAY WE WITNESSES THE END OF BH INSURGENCY, KIDNAPPING, RAPE, HUMAN TRAFFIC, DRUGS SMUGGLING. MAY OUR LEADERS FULFIL THEIR PROMISES. LONG LIVE THE FEDERAL REPUBLIC OF NIGERIA.

2 Likes

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by kennyman2000(m): 8:14am On Sep 24, 2015
Hope we've no frustrated Nigerians on nairaland.. If frustrated person see all these figures, na for the person to knock him head for nairaland server and i trust nairaland server, na electro-virus death he go give the person straight away..

To all yea who're frustrated. Dont get frustrated on nairaland, nairaland server isnt nice oooooo...

Check my signature for ur customised wristband
Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by adjoviomole(m): 8:14am On Sep 24, 2015
You have been sharing money since una enter. N still yet no change, ppl are still gettn sacked everyday.

I don vex self let me goan hang myself

10 Likes 2 Shares

Re: Dwindling Revenue: FG, States, Lgs Share N422.6bn August Allocation by Nobody: 8:15am On Sep 24, 2015
passionate88:
1 naira to 1 dollar. We are waiting o
sorry that won't be possible ... start going and don't wait again

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