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October: N111.8billion Shared To 36 States From Federation Account - Business - Nairaland

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October: N111.8billion Shared To 36 States From Federation Account by sharpden: 6:24am On Nov 21, 2016
THIRTY-SIX states of the federation shared N111.8 billion in October, less than the N143.6 billion shared in September from the Federation Account by N31.8 billion.



The breakdown forms part of a report obtained by the News Agency of Nigeria from a source at the Office of the Accountant-General of the Federation in Abuja on Sunday.


The report showed that the revenue allocated for each state in October was less than what they got from the federation account in September.


The Minister of Finance, Kemi Adeosun, represented by the Permanent Secretary of the Ministry, Mahmoud Isa-Dutse, at the last FAAC meeting, attributed the low revenue earnings of the month to several factors.


Adeosun attributed the decline to the loss of $45.5 million in Federation Export sales, while shut- in and shut-down of pipelines for repairs and maintenance also contributed to the drop in revenue.


The decrease in volume of dutiable imports receipts from Joint Venture Cash Call, Foreign Companies Income Tax and Value Added Tax were other reasons given.


The federation funds are usually shared in arrears, so, revenue generated in January is shared in February; thus, the revenue shared was actually generated in September and shared in October.


The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation, the Federal Inland Revenue Service and the Nigerian Customs Service.


NAN reports that during the Federation Account Allocation Committee meeting in October, federal, states and local governments shared N455 billion as against the N516 billion that was shared in September.


The revenue distributed included the Gross Statutory revenue, Value Added Tax, exchange gain, N63.3 billion excess
Petroleum Profit Tax and 13 per cent derivation to oil- producing states.


The oil-producing states are Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers.


The report showed that before distribution, state liabilities were deducted.


The liabilities included an external debt of N2.9 billion, contractual obligations of N10.48 billion and other deductions amounting to N17.56 billion.


Other deductions covered National Water Rehabilitation Projects, National Agricultural Technology Support, Payment for Fertilizers, State Water Supply Projects, State Agriculture Projects and National Fadama Project.


However, the 36 states got their due shares after all deductions were made.


Abia took N2.6 billlion, Adamawa N2.5 billion, Cross River N1.4 billion, Ekiti N1.6 billion, Edo N1.9 billion, Kaduna State N3.4 billion, Kano State N4.2 billion, Lagos State N5.9 billion, Rivers N7.6 billion, and Zamfara, N2 billion.


Delta N5.6 billion, Anambra N2.8 billion, Benue N2.7 billion, Borno N3.2 billion, Ebonyi N2.4 billion, Enugu State N2.6 billion, Gombe State N2.03 billion, Nassarawa State N2.3 billion, Imo N2.3 billion and Kogi N2.7 billion.


Yobe got N2.7 billion, Taraba N2.3 billion, Sokoto State N2.9 billion, Plateau N1.7 billion, Oyo State N2.79 billion, Osun N305 million, Ondo State N3.3 billion, Ogun N1.5 billion, Niger N2.7 billion and Kebbi N2.73 billion.


Also, Katsina State got N3.2 billion, Bayelsa N6.3 billion, Bauchi State N2.3 billion, Jigawa N3.1 billion, Akwa Ibom N8.7 billion and Kwara N2.2 billion.


The report also showed that the Federal Capital Territory had N3.9 billion from the Federal Government’s share of the distributable revenue in October.


NAN reports that the FAAC committee is made up of Commissioners for Finance and Accountants-General from the 36 states; the Accountant-General of the Federation and representatives from the NNPC.


Others are representatives from the Federal Inland Revenue Service; the Nigerian Custom Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria.


The federation account is currently being managed on a legal framework that allows funds to be shared to the three tiers of government under three major components. These components are the statutory allocation, Value Added Tax distribution and allocation made under the derivation principle.


[Agency Report - NAN]

http://www.socialtimesng.com/2016/11/october-n111-8billion-shared-to-36-states-from-federation-account/

Re: October: N111.8billion Shared To 36 States From Federation Account by sirfee(m): 6:33am On Nov 21, 2016
This are the kind of news we hear in Nigeria everyday.They keep looting but will come to the public to give us fake news everyday.We no sabi manage but we sabi loot.

2 Likes

Re: October: N111.8billion Shared To 36 States From Federation Account by Nobody: 6:37am On Nov 21, 2016
sharing sharing and sharing... sell all them unproductive states like ebonyi.... jigawa .... Sokoto.... borno.... yobe .... zamfara... Kwara.... sell them. olx them off

11 Likes 1 Share

Re: October: N111.8billion Shared To 36 States From Federation Account by Davash222(m): 6:41am On Nov 21, 2016
Wetin Ondo wan use 3.3B do

Abi they add money for Election rigging join

1 Like

Re: October: N111.8billion Shared To 36 States From Federation Account by Nobody: 6:47am On Nov 21, 2016
Davash222:
Wetin Ondo wan use 3.3B do
what's the unproductive jigawa doing with 3.1 billion.. when Edo is getting 1.9 billion

8 Likes

Re: October: N111.8billion Shared To 36 States From Federation Account by sharpden: 7:20am On Nov 21, 2016
NgcoboP:
sharing sharing and sharing... sell all them unproductive states like ebonyi.... jigawa .... Sokoto.... borno.... yobe .... zamfara... Kwara.... sell them. olx them off

Why?
Re: October: N111.8billion Shared To 36 States From Federation Account by Nobody: 7:39am On Nov 21, 2016
sharpden:

Why?
what's their productivity?
Re: October: N111.8billion Shared To 36 States From Federation Account by sharpden: 8:26am On Nov 21, 2016
NgcoboP:

what's their productivity?

Are you using question to answer my question?
Re: October: N111.8billion Shared To 36 States From Federation Account by sharpden: 8:48am On Nov 21, 2016
Lalasticlala u need to see this!
Re: October: N111.8billion Shared To 36 States From Federation Account by henrydadon(m): 10:20am On Nov 21, 2016
grin


let them suck the country dry.and keep selling all our asset all in the name of budget

[img]http://i./DYWjClqw7jBLO.gif[/img]

6 Likes

Re: October: N111.8billion Shared To 36 States From Federation Account by Presh900(m): 10:22am On Nov 21, 2016
Yet Rochas won't pay workers....

1 Like

Re: October: N111.8billion Shared To 36 States From Federation Account by yomibelle(f): 10:22am On Nov 21, 2016
, while shut- in and shut-down of pipelines for repairs and maintenance also contributed to the drop in revenue.

ayam not understandin
Re: October: N111.8billion Shared To 36 States From Federation Account by Lanre4uonly(m): 10:23am On Nov 21, 2016
I do hope what they shared would have a positive impact on well-meaning Nigerians.
God bless Nigeria.
Re: October: N111.8billion Shared To 36 States From Federation Account by Bimpe29: 10:24am On Nov 21, 2016
Not too pleasant news.
Re: October: N111.8billion Shared To 36 States From Federation Account by ohlushawlar: 10:24am On Nov 21, 2016
then sabi talk ham but to share na gbege.......awon oloshi
Re: October: N111.8billion Shared To 36 States From Federation Account by GoldenJAT(m): 10:24am On Nov 21, 2016
yet states wont pay salaries of civil servants.....most misinformed people here,will be bashing d federal govt up and down.when their state governors are actually their problems.

2 Likes

Re: October: N111.8billion Shared To 36 States From Federation Account by OgaTheTop2: 10:24am On Nov 21, 2016
smiley
Re: October: N111.8billion Shared To 36 States From Federation Account by Nobody: 10:24am On Nov 21, 2016
Osun state 305million yet LAUTECH has been on strike for 6months now. It's really painful that our lives have been put in the hands of this heartless politicians. We haven't finished a semester since January. When person wan graduate?

The painful part is the students themselves are not interested in resuming if not yahoo,mmm nah olosho them dey do.

And some stupid people are there doing cake to celebrate the strike.
Make in no para this morning.

12 Likes 2 Shares

Re: October: N111.8billion Shared To 36 States From Federation Account by seunny4lif(m): 10:24am On Nov 21, 2016
grin
Make I quick book space grin
Parasites vs Producers grin grin grin
Our oyel vs I don't know grin grin
Afonjas vs Ipobs grin grin grin
How can Sokoto get more money than Abia grin
Today na today

1 Like

Re: October: N111.8billion Shared To 36 States From Federation Account by Nobody: 10:25am On Nov 21, 2016
Sharing Niger Delta oil money. Oyo and Osun, 1.1billion and 500 million respectively. No more oil money for you...you have cocoa!

5 Likes 1 Share

Re: October: N111.8billion Shared To 36 States From Federation Account by seenter84: 10:26am On Nov 21, 2016
Liars, looters and log heads
Re: October: N111.8billion Shared To 36 States From Federation Account by wowmenow: 10:26am On Nov 21, 2016
Buhari wants to start blaming governors
Re: October: N111.8billion Shared To 36 States From Federation Account by seunny4lif(m): 10:26am On Nov 21, 2016
sharpden:


Are you using question to answer my question?
Gbam grin grin grin
Re: October: N111.8billion Shared To 36 States From Federation Account by Lawalemi(m): 10:26am On Nov 21, 2016
But it was said that it's only Jonathan's government that is good at sharing money
Re: October: N111.8billion Shared To 36 States From Federation Account by GossipHeart(m): 10:27am On Nov 21, 2016

The money the states got

They built roads with it, built hospitals, provide 24 hour power supply, provide jobs

Buhari is really working
Re: October: N111.8billion Shared To 36 States From Federation Account by coptic: 10:27am On Nov 21, 2016
grin

To pray that the allocations keep dropping until the government is forced to sit up and think is akin to wishing death on one's kith and kin.

These leaders cannot think even if their own lives depended on it.

Let's just hope that some day, the smarter and intelligent people will join politics to help turn things around.

At the end of the day, it is the poor man that bears the brunt: rising inflation, too few money, or no money at all.

May it get better!

2 Likes

Re: October: N111.8billion Shared To 36 States From Federation Account by Nobody: 10:27am On Nov 21, 2016
Wow
Re: October: N111.8billion Shared To 36 States From Federation Account by Pavore9: 10:28am On Nov 21, 2016
A huge chunk of it is misappropriated! angry

2 Likes

Re: October: N111.8billion Shared To 36 States From Federation Account by Philistine(m): 10:29am On Nov 21, 2016
Aregbesola has finished state of osun.....imagine a whole state receiving 305million.

8 Likes 1 Share

Re: October: N111.8billion Shared To 36 States From Federation Account by seXytOhbAd(m): 10:29am On Nov 21, 2016
Interesting. They got that much, but with the bloated salary loads, I wonder what they'll do to invest the funds
Re: October: N111.8billion Shared To 36 States From Federation Account by newheart2(m): 10:30am On Nov 21, 2016
Akwa ibom collect highest.
Osun dey offside

6 Likes 1 Share

Re: October: N111.8billion Shared To 36 States From Federation Account by Nobody: 10:30am On Nov 21, 2016
cry osun cry

Aregbe rascal be like cry

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