The Federal, States and Local Governments of Nigeria yesterday shared a total of N510,270 billion for the month of August as revenues ramped up on account of collections from duties as well as Value Added Tax (VAT).

Announcing the distribution yesterday at the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja, Kemi Adeosun, Minister of Finance said the the amount when compared to the N493.82bn shared in the month of July represents an increase of N16.4bn.

The gross statutory revenue for the month under review was disclosed as N315,045 billion which was higher than the N287,819 billion received in the previous month (July) by N27.226 billion.

According to Adeosun, from the Net Statutory Allocation shared, the Federal Government received N149.310 billion, state governments received N75.732 billion, Local governments received N58.386 billion while the oil producing states received N20.293 billion as 13 per cent derivation.

Crude oil export volume increased by 2.2 million barrels in May, 2016 despite the brief Force Majeure declared at Qua Iboe and Bonny Terminals and a subsisting Force majeure at Forcados Terminal.

According to the communique issued at the end of the FAAC meeting, “there was $109.40 million revenue increase in Federation Export Sales as a result of the increase in average price of Crude Oil from $42.21 in April to $46.06 per barrel in May, 2016.

“A rise in the volume of dutiable imports contributed significantly to the increases recorded by Import Duty and VAT. Increase in Petroleum Profit Tax (PPT) collections was attributed to receipts from NPDC and Joint Venture Operators.”

The communique further revealed that the sum of N6.330 billion was refunded by NNPC to FG while a total of N84.263 billion was declared as Excess gain.

The Minister also announced that the balance of the excess crude account, currently stands at $2.91bn.
During the interactive session with Journalists, she hinted that majority of the states owing salaries have started paying up and that FG is satisfied about how they have started fulfilling their obligations.

Realdeals:
The Federal, States and Local Governments of Nigeria yesterday shared a total of N510,270 billion for the month of August as revenues ramped up on account of collections from duties as well as Value Added Tax (VAT).

Announcing the distribution yesterday at the monthly Federation Account Allocation Committee (FAAC) meeting in Abuja, Kemi Adeosun, Minister of Finance said the the amount when compared to the N493.82bn shared in the month of July represents an increase of N16.4bn.

The gross statutory revenue for the month under review was disclosed as N315,045 billion which was higher than the N287,819 billion received in the previous month (July) by N27.226 billion.

According to Adeosun, from the Net Statutory Allocation shared, the Federal Government received N149.310 billion, state governments received N75.732 billion, Local governments received N58.386 billion while the oil producing states received N20.293 billion as 13 per cent derivation.

Crude oil export volume increased by 2.2 million barrels in May, 2016 despite the brief Force Majeure declared at Qua Iboe and Bonny Terminals and a subsisting Force majeure at Forcados Terminal.

According to the communique issued at the end of the FAAC meeting, “there was $109.40 million revenue increase in Federation Export Sales as a result of the increase in average price of Crude Oil from $42.21 in April to $46.06 per barrel in May, 2016.

“A rise in the volume of dutiable imports contributed significantly to the increases recorded by Import Duty and VAT. Increase in Petroleum Profit Tax (PPT) collections was attributed to receipts from NPDC and Joint Venture Operators.”

The communique further revealed that the sum of N6.330 billion was refunded by NNPC to FG while a total of N84.263 billion was declared as Excess gain.

The Minister also announced that the balance of the excess crude account, currently stands at $2.91bn.
During the interactive session with Journalists, she hinted that majority of the states owing salaries have started paying up and that FG is satisfied about how they have started fulfilling their obligations.

dadebayo1:


States are not paying up salary, my state is still owing 5months.. Good to know allocation is gradually increasing.. Thumbs up to the team but some governors are making a mess of achievements by the fg.

Izonpikin:
governors are still up and doing with their stealing...

Until we change structures in this country we would never get it right...

Imagine these governors are all waiting for monthly allocation like babies waiting for breast milk..

Izonpikin:
governors are still up and doing with their stealing...

Until we change structures in this country we would never get it right...

Imagine these governors are all waiting for monthly allocation like babies waiting for breast milk..

dadebayo1:


States are not paying up salary, my state is still owing 5months.. Good to know allocation is gradually increasing.. Thumbs up to the team but some governors are making a mess of achievements by the fg.

dadebayo1:


States are not paying up salary, my state is still owing 5months.. Good to know allocation is gradually increasing.. Thumbs up to the team but some governors are making a mess of achievements by the fg.

bejeiodus:
The Federal government should keep an eye on how governors spend their allocation. The positive effect of the increased federal allocation is not being felt in many states. There is no greater evil than owing the people what is due to them. There will less angst in the land if civil servants are paid for their labour.

Izonpikin:
governors are with immunity..so they can do what they like with these allocations..besides they didn't even sweat to generate these monies so they just do what they like with it..

A restructuring would ensure these governors work so hard to make money and then states can feel the right effect..

Realdeals:


http://www.businessdayonline.com/en/fg-stateslgs-share-n510bn-for-august-as-revenues-ramp-up/

bejeiodus:
Everybody knows restructuring the country will put an end to all these. But how can that be done when those who profit from the current system have shut their ears to the call to restructure Nigeria? We are a helpless and hapless people sorely divided along ethnic lines. If we weren't, we would all have acted in unison and demand a Nigeria that is built on fairness, equity, and above all, a Nigeria where her constituent parts develop at their own pace.

Izonpikin:
governors are still up and doing with their stealing...

Until we change structures in this country we would never get it right...

Imagine these governors are all waiting for monthly allocation like babies waiting for breast milk..

Izonpikin:
governors are still up and doing with their stealing...

Until we change structures in this country we would never get it right...

Imagine these governors are all waiting for monthly allocation like babies waiting for breast milk..