martineverest:
true..but don't forget NNPC has never remitted their earnings until recently

FAAC REPORT – Revenue allocation to states and LGA for November 2013, shared in December 2013

The three tiers of government in the country [Federal, State, and Local Councils] enjoyed an expanded take-home income from the Federal Account Allocation Committee [FAAC] in the month on November. The FAAC says it shared N675.650 billion between the Federal, States and Local governments, and that this sum includes value added tax (VAT) of N91.73 billion.

The gross revenue for November 2013, confirms that there was an increase of N25.384 billion when compared to the October figures.

A breakdown of the distribution indicated that the Federal government received N252.2 billion (52.68%), while the State received N127.939 billion (26.7%) and the Local government received N98.64 billion (20.6%). Furthermore, a total of N56.390 billion representing 13% derivation revenue was shared among the oil producing states. (This is demonstrated clearly in the table below).

The allocation includes the distribution of N7.617 billion refunded by the NNPC. Also, the sum of N35.549 billion is offered for allocation under the SURE-P Programme.

Mineral revenue for the month was N490.765 billion, while N56.998 billion was transferred to the Excess Crude Account (ECA), Petroleum Profit Tax (PPT) and the Oil Royalty account. Thus total fund in the ECA as at November 2013 was $3.18 billion.

https://www.premiumtimesng.com/oilgas-reports/faac-reports/156623-faac-report-revenue-allocation-states-lga-november-2013-shared-december-2013.html

post=78604055:


This is UNPRECEDENTED in the history of Nigeria!

God bless our President MUHAMMADU BUHARI, a man after God's heart.

Slow and steady we will get to a New Nigeria.

God bless Nigeria.

Erolow:
The reports of huge amounts of money that gets tossed about in Nigerian news reports is the reason I grew up to hate news shows on TV. You'll keep hearing huge amounts of money being mentioned yet no visible changes.

tactius:


Well....1.26 Trillion naira is 4,105,080,000( 4.1 billion US dollars)….which isn't much really.

tactius:



It is unprecedented from 'We don't remit nothing' NNPC.

Agugbadin:

But what is Buhari doing with the money, we are still borrowing

Agugbadin:


Who says it is not much, this amount of money will give us 4000MW of electricity

Onyemadonald:
The Nigerian National Petroleum Corporation (NNPC) said it met its financial obligations to the Federation Account last year by remitting N1.26 trillion as against the N1.22 trillion projected in the 2018 budget, recording a surplus of N41billion.

The Managing Director, NNPC Capital, Mr. Godwin Okonkwo, disclosed this during a presentation to the House of Representatives Ad Hoc Committee on the Investigation of the Non-Remittances of Funds to the Federation Account by the corporation between July 2017 and December 2018 at the National Assembly Complex in Abuja.

A statement by NNPC explained that Okonkwo represented Group Managing Director of the Corporation, Dr. Maikanti Baru. It said though 2.3million barrels per day (mbpd) was proposed in the 2018 budget, national daily production for the period under review oscillated between 1.9mbpd to 1.89mbpd.

Baru listed the two sources of inflows into the Federation Account from the NNPC to include equity crude oil sales less cost of recovery from the Joint Venture cash call arrears and domestic crude less cost recovery, adding that the JV cash call arrears were being efficiently managed now to ensure steady inflows to the Federation Account.

Baru said: “The current management of NNPC ensures that it contributes to the cost of the production of crude oil and gas in the upstream sector to avoid a repeat of the mistakes of the past. If we had made cash call payments in the past, the arrears that we are liquidating now would not have arisen. The current situation creates a win-win scenario for the country. The NNPC is strategically saving for the rainy day to make a better future for all of us by liquidating the arrears.”

He noted that the corporation on a regular and sustained basis balanced up with the Federation Account Allocation Committee (FAAC) and the JV cash calls in order to make sure that the future generations do not suffer from the legacy debt. He dismissed the allegations of Commissioners of Finance of under-remittances by the Corporation, adding that the NNPC was a going concern that met financial obligations to its various stakeholders.

SOURCE: https://www.trendingaccounting.com/2019/05/nnpc-remits-n126-trillion-to-federation.html

daddytime:
Wow...

This is a drop in the ocean though compared to what the corporation could realise but still impressive.

If only we would do away with the culture of waste and embezzlement, I see no reason why our citizens would be running away to go slave off and indulge in shady means of survival in countries world over.

Just imagine receipts from Customs, FIRS and NNPC alone...

Nigeria shall be great again...I'm a hopeless optimist in my one and only country.

May God bless and heal my land including her citizens..

post=78604069:
Now, let us gently wait for the Wailers,
AKA troublemakers,
AKA Children of hate and perdition,
AKA pessimists,
AKA, haters of any good news!
AKA HANDICAPS (thanks to Jagaban and Bet9ja!)
Your Lagos State PDP Chairman just added to your numerous titles yesterday ,

N o
F uture
A mbition!

They will soon be here with their witchcraft and hatred for their country.

We go soon pursue all of una go Cameroun behind Atiku Mboma!
PDP thieves would have shared 95% of this money among themselves sharply!
Na dem way!!

To a better Nigeria we go, if you don't want to move to the NEXT LEVEL, go back to ya villages!
Chikena!

Slow and steady we will get to a New Nigeria.
God bless Nigeria.

tactius:


Well....1.26 Trillion naira is 4,105,080,000( 4.1 billion US dollars)….which isn't much really.