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FAAC: FG, States, Lgs Share N609.95 Billion November Revenue - Politics - Nairaland

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FAAC: FG, States, Lgs Share N609.95 Billion November Revenue by realjoker(m): 10:53pm On Dec 16, 2017
The Federation Account Allocation Committee (FAAC) distributed N609.95 billion to Federal, States and Local Governments as revenue generated in November.
This is N77.25 billion more than what it shared in October, Ahmed Idris, the Accountant-General of the Federation said.
Mr. Idris said that after the cost of collection deductions by FIRS, Customs and DPR, the Federal Government received N248.2 billion, representing 52.68 per cent; the states got N125.9 billion, representing 26.72 per cent and the 774 local councils received N97.06 billion, amounting to 20.60 per cent.
According to Mr. Idris, oil producing states got N54.48 billion, which represents the derivation share of 13 per cent.
He said the country generated N356.07 billion as mineral revenue and N193.46 billion as non-mineral revenue in November, both showing improvements over the earnings in October.
Mineral revenue increased by N38.78 billion, while non-oil mineral revenue also jumped by N68.65 billion.
Mr. Idris said oil revenue continues to be negatively impacted by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal.
He said the balance in the Excess Crude Account (ECA) as at Dec. 15 remained $2.317 billion. He also put the balance in the Excess Petroleum Profit Tax account, at $133 million.
Mr. Idris said the Federation Account has received instruction from the National Economic Council that $1 billion be removed from ECA to fight Boko Haram.
“The instruction has been given. But there is a process before money is taken out of an account. So unless that withdrawal is made, the balance remains the same.
“On what the money will be used for, the appropriate institution will have to give you that, namely the military, who are the ones that will utilise the money, and they know their needs,” he said.
On why the money is being taken from the ECA, Mr. Idris said everyone should know that it is a savings account and ordinarily should have been distributed to the three tiers of government.
“So if the same owners decide that part of it should be utilised to secure the country, to secure the system, to make the system work and provide security for life and property, I don’t think it should be an issue.
“If the Governor of Ekiti has a problem with that, he should have made his position known to his forum, which is the Governor’s Forum.
“His dissension should not come to me on the pages of newspapers. He is entitled to whatever, but it should be directed to the appropriate place,” he said.
Meanwhile, Mahmoud Yunusa, the Chairman, Commissioners of Finance Forum, said the distribution was timely, as it would enable states and local councils to pay workers ahead of Christmas. (NAN)

https://www.premiumtimesng.com/news/top-news/252670-faac-fg-states-lgs-share-n609-95-billion-november-revenue.html
Lalasticlala
Re: FAAC: FG, States, Lgs Share N609.95 Billion November Revenue by jom28gy(m): 11:25pm On Dec 16, 2017
When are you people using it to pay salaries
Re: FAAC: FG, States, Lgs Share N609.95 Billion November Revenue by Bevista: 11:42pm On Dec 16, 2017
RemedyLab:
A system of govt where states are not better than begars, no creativity, no competition; no wonder they are all unable to pay salaries as at when due.

Is that one govt?
Unfortunately, the Central Government made them so by refusing to devolve powers to the state. The items on the exclusive list of the FG are too numerous. The criminal Land Use Act should be repealed and all mining rights should go to the States, so they can negotiate mining licenses with potential investors.
Re: FAAC: FG, States, Lgs Share N609.95 Billion November Revenue by Cjrane2: 11:48pm On Dec 16, 2017
realjoker:
The Federation Account Allocation Committee (FAAC) distributed N609.95 billion to Federal, States and Local Governments as revenue generated in November.
This is N77.25 billion more than what it shared in October, Ahmed Idris, the Accountant-General of the Federation said.
Mr. Idris said that after the cost of collection deductions by FIRS, Customs and DPR, the Federal Government received N248.2 billion, representing 52.68 per cent; the states got N125.9 billion, representing 26.72 per cent and the 774 local councils received N97.06 billion, amounting to 20.60 per cent.
According to Mr. Idris, oil producing states got N54.48 billion, which represents the derivation share of 13 per cent.
He said the country generated N356.07 billion as mineral revenue and N193.46 billion as non-mineral revenue in November, both showing improvements over the earnings in October.
Mineral revenue increased by N38.78 billion, while non-oil mineral revenue also jumped by N68.65 billion.
Mr. Idris said oil revenue continues to be negatively impacted by low production due to poor maintenance, sabotage and the Force Majeure declared at Bonny Terminal.
He said the balance in the Excess Crude Account (ECA) as at Dec. 15 remained $2.317 billion. He also put the balance in the Excess Petroleum Profit Tax account, at $133 million.
Mr. Idris said the Federation Account has received instruction from the National Economic Council that $1 billion be removed from ECA to fight Boko Haram.
“The instruction has been given. But there is a process before money is taken out of an account. So unless that withdrawal is made, the balance remains the same.
“On what the money will be used for, the appropriate institution will have to give you that, namely the military, who are the ones that will utilise the money, and they know their needs,” he said.
On why the money is being taken from the ECA, Mr. Idris said everyone should know that it is a savings account and ordinarily should have been distributed to the three tiers of government.
“So if the same owners decide that part of it should be utilised to secure the country, to secure the system, to make the system work and provide security for life and property, I don’t think it should be an issue.
“If the Governor of Ekiti has a problem with that, he should have made his position known to his forum, which is the Governor’s Forum.
“His dissension should not come to me on the pages of newspapers. He is entitled to whatever, but it should be directed to the appropriate place,” he said.
Meanwhile, Mahmoud Yunusa, the Chairman, Commissioners of Finance Forum, said the distribution was timely, as it would enable states and local councils to pay workers ahead of Christmas. (NAN)

https://www.premiumtimesng.com/news/top-news/252670-faac-fg-states-lgs-share-n609-95-billion-november-revenue.html
Lalasticlala

Just look at all the massive money FG collects (54%) N248.2 billion,
yet not a single Federal road or federal infrastructure is in good condition.

Yet it is the whole 36 states sharing paltry (26%) N125.9 billion that are doing most infrastructural projects anywhere in Nigeria today.

The level of corruption in the Federal Government is unprecedented.

They should hurry up and review this Abacha revenue formula so that states can be given breathing space to shoulder all the developmental burden of Nigeria they currently shoulder.

1 Like

Re: FAAC: FG, States, Lgs Share N609.95 Billion November Revenue by Boleyndynasty2(f): 12:21am On Dec 17, 2017
They keep sharing and yet nothing to show for it
Re: FAAC: FG, States, Lgs Share N609.95 Billion November Revenue by chrisbrown20(m): 1:02am On Dec 17, 2017
OH GOD PLS,Y am i still in this zootry of a nation?lemme sleep and just wake up in johanesburg,ole,looters,squanders,dat money will cabed under the government pockets,nd d masses will be looking on,mehn i still have to ask our stomach infrastructure governer wat he did wit d b paris club fund and d state allocational resources revenue,smh for d country

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