FAAC: FG, states, LGs share N389.9bn as revenue for September NAN-HE-20 FG, states, LGs share N389.9bn as revenue for September FAAC Abuja, Oct. 28, 2015 (NAN) The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwaobia, on Wednesday said that N389.9 billion was shared among the federal, states and local governments as revenue for September 2015. Nwaobia announced this in Abuja 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 N321.9 billion. "Also, there is the exchange gain of N5.2 billion which is proposed for distribution. "Therefore the total revenue distributable for the month of August, including VAT of N56.3 billion, is N389.9 billion," she said. Nwaobia said N6.3 billion was refunded to the federation by Nigerian National Petroleum Corporation (NNPC) and was also proposed for sharing. The News Agency of Nigeria (NAN) recalled that N422.6 billion was shared to the three tiers of government as revenue for the preceding month. This shows a difference of N52.6 billion between the two months. Giving the breakdown of revenue among the three tiers, Nwaobia said the Federal Government received N151.3 billion, representing 52.68 per cent; states, N76.8 billion, representing 26.72 per cent. The local governments received N59.1 billion, amounting to 20.60 per cent of the amount distributed. Nwaobia announced that N27.5 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 the preceding month. She said that the country generated N213.1 billion as mineral revenue and N108.8 billion as non-mineral revenue. This shows a decrease of N2.8 billion and N44.2 billion from what the country generated as mineral and non- mineral revenue in the preceding month. She puts the balance in the Excess Crude Account as at Wednesday, at 2.25 billion dollars, which showed that nothing had been removed or added to it since July. Nwaobia lamented over the low revenue generation for the month, while explaining reasons for it. "Revenue from crude oil and gas export was negatively impacted in August 2015 to shut down and shut in of production for maintenance at different periods and terminals during the month. " There was revenue loss of 32 million dollars as a result of drop in average price of crude oil from 56.7 dollars in July to 47.3 dollars in August 2015. "The current revenue challenge was further worsened with a decline of over N44 billion in non oil revenue collections," she said. On states bailout, Nwaobia said that it was not meant to solve all states’ problems but to give them some relief, to enable them to settle the salaries of their workers. "On the issue of the revenue dropping, I think we are worried about it. If we say we are not worried about it we will be lying. "However, it is not an issue that is restricted to this country. Almost all economies of the world are facing difficulties. It is how you manage your situation that matters. "Government is aware of these challenges and reforms are being undertaken and the impact of these reforms doesn’t come as quickly as we expect but with time they will begin to manifest. "We are looking at the mining sector and agriculture to see the impact of various inputs that have been put into the sector. ``We are indeed worried but we are working it out and we will soon begin to see results," she said. Nwaobia said that the Federal Government had raised capital votes for two quarters. She said for the first quarter, almost all the MDAs had received their capital votes. (NAN)

Chai 9ja is retrogressg

so less priviledge no get allocation?

It is well even in the well...

resty4:
Chai 9ja is retrogressg

seriously

scofieldsimba:
It is welleven in the well...

the implication is that most of the States won't pay September or October salary

State Governors should start thinking of other ways to increase their revenue

Hmmmm.

Solution:

All parties must be prepared to make sacrifices: the political office holders, ithe civil servants and the organised private sector. If they can't get all their salaries, they have to make do with part of it.

However, It is foolish for States Chief Executives to rely on what ever allocation they are given by the Federal Government of Nigeria.
Same way, it is also foolishness for the Federal government to continue rely on the revenue from oil.

Over the years, it wasn't enough, is it now that we are 'rescued' by the dwindling oil prices that it will be enough?
Rescued in the sense that the global decline in the value of oil has presented us with a golden opportunity to start looking inwards with a view to developing several other sectors of the economy which have laid fallow, untapped and abandoned over the years.

State governors must rise up 'dakkada' and see to it that in a few years time, they won't depend on Federal Allocation.

Again, this is the reason while some of us think, all natural resources in different states should be controlled by the states that have them, then some percentage of what they generate from there would be paid to the Federal Government.

If Nigeria and indeed, Africa must be self-sufficient, then we must practice true federalism.
With this, one bleached-skin man in the name of Donald Trump or whatever, will not vomit poo about us in a century from now.

#operationlookinwards

Does anyone recall all the inane talk of plugging loopholes? What is remarkable is that reported revenue continues to decline. It's not just an oil story as much of the decline is occurring in non-oil revenue. These are really bleak times.

Buhari body odor has stopped working

Jonathan and PDP have left the stage, yet the problems persist. At least that should give any unbiased mind an indication of the root causes of our problems

That impressive!!!

Opinedecandid:
Hmmmm.

Solution:

All parties must be prepared to make sacrifices: the political office holders, ithe civil servants and the organised private sector. If they can't get all their salaries, they have to make do with part of it.

However, It is foolish for States Chief Executives to rely on what ever allocation they are given by the Federal Government of Nigeria.
Same way, it is also foolishness for the Federal government to continue rely on the revenue from oil.

Over the years, it wasn't enough, is it now that we are 'rescued' by the dwindling oil prices that it will be enough?
Rescued in the sense that the global decline in the value of oil has presented us with a golden opportunity to start looking inwards with a view to developing several other sectors of the economy which have laid fallow, untapped and abandoned over the years.

State governors must rise up 'dakkada' and see to it that in a few years time, they won't depend on Federal Allocation.

Again, this is the reason while some of us think, all natural resources in different states should be controlled by the states that have them, then some percentage of what they generate from there would be paid to the Federal Government.

If Nigeria and indeed, Africa must be self-sufficient, then we must practice true federalism.
With this, one bleached-skin man in the name of Donald Trump or whatever, will not vomit poo about us in a century from now.

#operationlookinwards

Most states can do nothing with the way the country is presently structured. The present system of everything going to the center will only bring more poverty and laziness. If you truly want the progress of this contraption called Nigeria, then support the restructuring of this country. Let every state develop their own resources and pace. Still bores down to issues raised by the Biafran struggle.

States would have start sacking some of their workers or slashing salaries by half..

Primitive Nigeria still SHARING money in this time and age. Very terrible.

Restructure this nation. Decentralise this system. Allow states to progress at their own pace. Is it too difficult to our politicians to understand and act?

It bothers and worries me how we keep doing the same thing over and over while we expect different outcomes. Isn't that the definition of insanity?

It's really difficult for our northern folks to understand. I'm sure you saw the thread showing what each state contribute, the moment the sharing stops then the morthern states will most likely starve to death. So asking the northerners who are presently controlling Nigeria to stop sharing is definitely not going to happen. It's not just the north, some SW states will rather die than see this sharing stopped. That's the situation we've found ourselves. It's unfortunate.

dearpreye:
Primitive Nigeria still SHARING money in this time and age. Very terrible.

Restructure this nation. Decentralise this system. Allow states to progress at their own pace. Is it too difficult to our politicians to understand and act?

It bothers and worries me how we keep doing the same thing over and over while we expect different outcomes. Isn't that the definition of insanity?

All i see is sharing, sharing and sharing. How can we progress if this country continues this way?

Candyrain:
It's really difficult for our northern folks to understand. I'm sure you saw the thread showing what each state contribute, the moment the sharing stops then the morthern states will most likely starve to death. So asking the northerners who are presently controlling Nigeria to stop sharing is definitely not going to happen. It's not just the north, some SW states will rather die than see this sharing stopped. That's the situation we've found ourselves. It's unfortunate.

And this is exactly why I'm willing to support any agitation from any group whatsoever that will upstage the current parasitic system Nigeria operates. These folks up North are literally killing the rest of Nigeria. This is the reason corruption is so commonplace in Nigeria.

Iykopee:
All i see is sharing, sharing and sharing. How can we progress if this country continues this way?

No way. No nation ever progressed under these sorts of backward and lazy system.