The Minister of Finance, Mrs Kemi Adeosun said the Federation Account Allocation Committee (FAAC) shared N400 billion which is N13.1 billion more than what the three tiers of government shared as revenue in December.

She said the N400 billion was distributed under four distributable sub-heads.

They are statutory allocation where the sum of N224.88 billion was allocated; Value Added Tax N79.27 billion, exchange gain N52.84 billion and excess Petroleum Profit Tax N42.99 billion.

From the statutory allocations, the minister said after deducting cost of collections to the revenue generating agencies, the Federal Government got N105.76 billion, states N53.64 billion and local government councils N41.35 billion.

In addition, she said the sum of N15.5 billion was given to the oil producing states based on the 13 per cent derivation principle.

For VAT allocation, Adeosun said the Federal Government received N11.4 billion, states N38 billion while Local Government Councils got N26.63 billion.

Adeosun said that the Federation generated N145.6 billion as Mineral Revenue and N103.1 billion as non-Mineral revenue.

The minister said the excess crude account now has a balance of $2.45 billion.

Adeosun said that the Force Majeure at Forcados, Qua Iboe and Brass terminals was still impacting negatively on revenue generation.

For instance, she said there was revenue decline of 65.4 million dollars in oil export sales due to a drop in production volume of 1.39 million barrels.

Also, the Chairman, Forum of Finance Commissioners in Nigeria, Mr Mahmoud Yunusa, said that states were determined to keep improving their internally generated revenue.

“Low federation revenue has become a blessing in disguise to us. Initially almost all the states relied heavily on FAAC.

“But now, because the money is no longer there, it has forced us to look inwards at the opportunities and potentials in our respective states and begin to explore them.

“We had to look at cutting cost in running governance and blocking all revenue leakages’’,. he said.

Yunusa said that most of the states have been able to improve their IGR through improved tax collection method and increased tax base.

http://www.kikiotolu.com/2017/01/federal-government-states-n131b-richer.html

And one old f**l who called himself the constituted authority said there is no money.

Our economy is worse than MMM. MMM robs 5 Peters to pay 3 Paul, our economy robs 193 million Peters to pay less than a million Paul.
Sharing economy it is.

I just want to see the huge FIGURES translated into economic development for the average Nigerian to have a feel and taste of it.

And many States are still owing salaries of many months

Pavore9:
And many States are still owing salaries of many months

States are very bad at budgeting. It doesn't matter how much you make if they can't plan well.

Blue3k:


States are very bad st budgeting. It doesn't matter how much you make if they can't plan well.

So true.

Good job Adeosun. They will soon come and wail but not holding their state governments accountable

It is very shameful that the only updates we hear from this woman is how much money she released to states. If that's the only thing we need a Minister of Finance for, we should just replace her with a high school graduate.

Till date, she has said nothing about the progress of the supposed fiscal blueprint they are supposed to give potential lenders to secure the loans they need to fund the budget, MTEF, and re-position the economy.

Earlier this month, the AfDB president was saying the bank was holding back the second tranche of the loan they're meant to give us because they've not heard back from Nigeria. This is an Adesina that single-handedly convinced the bank to give us a $1b loan when China and the IMF were playing games with us, and he even put his job on the line to give release the first part of the loan on recognition bases. Now, he is the one begging Nigeria to forward our fiscal plan.

And you wonder for something so important, this madam Queens has said nothing about it. Whereas it's supposed to be our #1 priority.

She has not devised ANY fiscal policy for any sector in Nigeria more than 1 yr after she was appointed. Not one. The Rice revolution is currently being spearheaded by the CBN.

What is the Finance Minister doing there? Or does she think her job is solely to find who to give money in Nigeria? Because she go see plenty people.

She said she released N800b abi is it N2t into the economy in 2016. My people, did you feel the money? When there is no co-ordination, plan, or policy; that's how she'd just be throwing money away until 2019.

-Lord

Recovery in progress.

At the expense of the mass. Congrats for getting richer while the mass gets poorer. Of course the government would be richer if you don't pay salaries, Build new facilities or use some Goddamn money for the mass.

Adeosun, ...

Sai Baba

Aunt, biko just shut up

Will this reflect in the living standard of the people?

Please check out my signature for quality and durable furniture

God dey

Adeosun... Smh

let's see d effect. I hate talk.

Sibrah:
Our economy is worse than MMM. MMM robs 5 Peters to pay 3 Paul, our economy robs 193 million Peters to pay less than a million Paul.
Sharing economy it is.

1 million paul? I believe it is more like 1 paul.

Meanwhile Bubu is chilling in London

"Richer in December indeed"
FG, States richer but citizens poorer.

Sibrah:
Our economy is worse than MMM. MMM robs 5 Peters to pay 3 Paul, our economy robs 193 million Peters to pay less than a million Paul.
Sharing economy it is.

You are trying to justify your MMM scam or you are trying to console yourself. Either way, you are just being a bit naive

Of-course you would be richer as your "New Sheriff" has finally decided to listen to the boys of the creeks after realizing that his boasts were merely empty threats

What about the people u dumb bimbo

rhektor:



You are trying to justify your MMM scam or you are trying to console yourself. Either way, you are just being a bit naive

Of all the posts here na only the one with MMM you fit quote. The word MMM alone gives some people hardon.

Nigeria, rolling on one spot.

I'm just so tired of figures. 3 days and counting no light in my area in Lagos.

Seriously, the FG is trying it's best
The state government has to do more, they need to help the Federal government out, at least they are getting their allocations what are they doing with it money.
400 billion Naira, 13.1 billion increase and an extra 15.5 billion Naira to the oil producing states.
Haba haba
What happen now
Where are all these money going to

Rich Nation with hungry citizens.

My brothers, this news is good. However as good as it is people, generally know only the revenue profile of govts and its MDAs. Good governance is not the same as good business. When we are going to judge performances based on figures released from FAAC, let us keep this in mind.

Where will the 6trillion Naira 2017 budget come from from all this peanut been shared every month. Osun state will thank God Atleast revenue increase cos they're not adding a dime to the whole nation. there is even a place called Zamfara, Yobe, Kebbi, Adamawa, Kwara. What the hell are they adding to this nation to deserve oil money.

Haaaaa, this woman wicked... So u are trying to tell us that we should not expect anything till December or what