₦airaland Forum

Adabestseason:
The President should commence the construction of the coastal rail-line from lagos to calabar with the N1trillion with immediate effect.

That's 11 Billion dollars project oo.

mrvitalis:
FAAC statement money sharing is not hard federation account is open to all

What do you mean by FAAC statement? Give me example of this official FAAC statement you saw for May and how it differs from the reports we are seeing for June.

mrvitalis:
Oga there is no official statement as regarding this 1.9 trillion

What official statement are you looking for?

Electorate:
As at today which is the weakest between the two currencies? The naira of course now the APC Government is making it look like Nigeria's fuel is cheaper neglecting the policy that made the naira weaker to sound as if all is well.

Dont you get the point?

That 460 naira was a mirage. CBN spent 17 Billion dollars defending it in 2022.

grandstar:
Why not "disburse" the Dollar components to the 3 tiers of governments which can then be exchanged at the forex market.

They don't to physical have the cash.

Good idea but then Governors would have to be monitored to convert all the dollars at the Banks and CBN and not ship them away.

Also this decision is in order to reduce money supply and inflation in the economy.

LagosFirstSon:
Let's just pretend that they're telling us the truth even when we know that a drug baron is the president

The so called drug baron was a Treasurer in Mobil. A Treasurer is an accounting guru, how much more one in Mobil?
Same man graduated with Honours (first class) in Accounting major in Chicago State University according to the University herself.

RenaissanceGuy:
They can only share naira. The amount of dollar saved will still not be higher.

Revenue from crude oil sales are in dollars. So no need to convert it to naira to share. If they save 790 Billion naira with CBN, that's 1 Billion dollars.

ehikwe22:
I hate your type of person that will see white and try to change it to black. This is a very bad attitude. See the NBS data I posted and tell me where you got all these from. May FAAC allocation is May FAAC allocation likewise is April FAAC allocation April's FAAC allocation. There is no too much mathematics involved here. If you read my post, you will see the details which include tax, statutory allocations and levies. Then check for the 1.9tr and you will see it even includes more than just these three. July 2023 allocation even includes savings from exchange rate and so many additions not included in other months.

You gave me only NBS data that's calculated only 3 months after. Are you saying the other news media (apart from NBS) who reported contrary data were wrong? Apart from this NBS pdf which was calculated much later, can you give me a screenshot of any month in 2022, where it was said that 1 trillion naira and above was shared?

Then check for the 1.9tr and you will see it even includes more than just these three.

This is what was reported on the 1.9 trillion.

Statutory collections make up N1.7 trillion of the federally collected revenues, followed by N293 billion from VAT and N12 billion from electronic money transfer charges.

This means the 1.9 trillion doesn't include non oil taxes which would be given by NBS in the next quarter to give us the true total which I bet would be over 2.3 trillion naira.

So like I said, let us wait for NBS data 3 months from now, which is the total data. Since that's the only data you are interested in.

ehikwe22:
Do you know anything about how these allocations are collated and allocated? I doubt, and it's a waste of time engaging with you. You're confusing yourself talking about April collated in May or bla bla bla. There's no ambiguity there. If it's tagged April then it's April, if it's tagged May, then it's for May and when referencing to it, you refer to it as May or as APril etc. Every allocation announced by either the news outlets or NBC will release the summary of the total. Check for July 2023 and you'll see the details there. Stop sounding like you're quite uninformed and a waste of debate. If you don't know something learn. I don't like your attitudes

NBS calculates everything together and they do that 3 months later.

They add up Statuory account, non oil account, VAT, and electronic levy.

This 1.9 trillion adds up just Statuory account, VAT, and electronic levy. So wait for NBS report on this one by September.

Obaaderemi2:
*Are you sure Ghana is doing well, even with the crazy inflation rate?

*What problems of 2022?


*How much is a litre of Petrol in Ghana today and how are the people coping?

A litre of petrol in Ghana is around 900 naira and above using Nigerian current exchange rate.

Just40:
Thanks to the IMF

I wonder why Ruto wants to adhere to Finance bill hook, line, and sinker.
Buhari signed finance ACT but Tinubu is adjusting some parts he doesn't like e.g telecom taxes, taxes on plastics and the likes. Hopefully he removes taxes on diesel too.

Obaaderemi2:
Generaldae, do you remember when I kept saying removing the fuel subsidy outright would cause problems?
What do you have to say about ongoings in Nigeria right now?

Buhari should have started removing it bit by bit but I guess he couldn't in the heat of the election. What we can do now is to focus on strengthening exchange rate and equipping modular refineries.

ehikwe22:
Do you know anything about how these allocations are collated and allocated? I doubt, and it's a waste of time engaging with you. You're confusing yourself talking about April collated in May or bla bla bla. There's no ambiguity there. If it's tagged April then it's April, if it's tagged May, then it's for May and when referencing to it, you refer to it as May or as APril etc. Every allocation announced by either the news outlets or NBC will release the summary of the total. Check for July 2023 and you'll see the details there. Stop sounding like you're quite uninformed and a waste of debate. If you don't know something learn. I don't like your attitudes

I have shown you for April, May, August, October, etc. None was up to a trillion.
I followed all of such FAAC allocations all through last year.

If NBS has something different, then post the NBS data for June 2023, it would also be higher than 1.9 trillion naira.

NBS calculates everything together and they do that 3 months later.

They add up Statuory account, non oil account, VAT, and electronic levy.

This 1.9 trillion adds up just Statuory account, VAT, and electronic levy. So wait for NBS report on this one by September.

ehikwe22:
I can't post links. type this query on google "FAAC allocation 2022". The most accurate ones will be from NBS. If you want to limit the results to NBS, you can use some advanced google tricks to do that. Getting information from google is very easy except you're not technical

Then the NBS report for July 2023 would likely be way more than 2 trillion naira.

ehikwe22:
It's in line with what I'm saying. It goes up and down. I don't think I shared for May. check the months I shared for.

That was for April reported in May. I can also share for March reported in April

ehikwe22:
It's in line with what I'm saying. It goes up and down. I don't think I shared for May. check the months I shared for.

All through the year, none was up to a trillion in any news outlet.

ehikwe22:
I'm busy and can't jeep going back and forth. I have several of these PDF and can't collate them but check these ones.

Attach the PDF. It has different data from all news outlets.

ehikwe22:
FOr April

Federation Account Allocation Committee (FAAC) (April 2022 Disbursement)
Executive Summary
The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.15trillion to the three tiers of government in April 2022 from the total revenue generated in March 2022. The amount disbursed comprised N933.30bn from the Statutory Account, and N219.50bn from Valued Added Tax (VAT). The Federal Government received a total of N277.10bn from the N1.15trillion, States and Local Governments received a total of N227.20bn and N167.91bn respectively. The sum of N81.93bn was shared among the oil-producing states from the 13% derivation fund. The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N10.78bn, N22.47bn, and N11.06bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N149.70bn was disbursed to the FGN consolidated revenue account; N4.68bn was received as a share of derivation and ecology; N2.34bn as stabilization fund; N7.86bn for the development of natural resources; and N6.65bn to the Federal Capital Territory (FCT) Abuja.

FOr August

Federation Account Allocation Committee (FAAC) (August 2022 Disbursement)
Executive Summary
The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.26trn to the three tiers of government in August 2022 from the total revenue generated in July 2022. The amount disbursed comprised N1.07trn from the Statutory Account, and N190.26bn from Valued Added Tax (VAT). The Federal Government received a total of N406.61bn from the N1.26trn, States and Local Governments received a total of N281.34bn and N210.62bn respectively. The sum of N55.52bn was shared among the oil-producing states from the 13% derivation fund. The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N10.43bn, N24.86bn, and N11.97bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N267.21bn was disbursed to the FGN consolidated revenue account; N7.21bn was received as a share of derivation and ecology; N3.61bn as stabilization fund; N12.12bn for the development of natural resources; and N8.92bn to the Federal Capital Territory (FCT) Abuja

This is from Channels TV:

The Federation Account Allocation Committee (FAAC) has shared a total sum of N636.602 Billion April 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.

This was contained in a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for May 2022.

The N656.602 billion total distributable revenue comprised distributable statutory revenue of N461.189 billion, distributable Value Added Tax (VAT) revenue of N166.522 billion, the sum of N8.891 billion being Excess Bank Charges Recovered and augmentation of N20.000 billion.

ehikwe22:
The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.22trn to the
three tiers of government in July 2022 from the total revenue generated in June 2022. The
amount disbursed comprised N1.01trn from the Statutory Account, and N208.15bn from
Valued Added Tax (VAT). The Federal Government received a total of N321.86bn from the
N1.22trn, States and Local Governments received a total of N245.42bn and N182.33bn respectively. The sum of N52.80bn was shared among the oil-producing states from the 13%
derivation fund. The Revenue generating agencies comprising Nigeria Customs Service
(NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR)
received N11.46bn, N25.51bn, and N7.64bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria
(FGN) revealed that a total net amount of N189.62bn was disbursed to the FGN consolidated revenue account; N5.56bn was received as a share of derivation and ecology; N2.78bn as
stabilization fund; N9.34bn for the development of natural resources; and N7.43bn to the
Federal Capital Territory (FCT) Abuja.

ARE YOU SATISFIED OR YOU NEED MORE?

The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.10trn to the
three tiers of government in October 2022 from the total revenue generated in September
2022. The amount disbursed comprised N825.71bn from the Statutory Account, N60.00bn
from Non-oil distribution for the month of October 2022, N8.51bn from Electronic Money
Transfer Levy (EMTL), and N203.96bn from Valued Added Tax (VAT). The Federal Government received a total of N294.24bn from the N1.10trn, States and Local Governments received a total of N233.22bn and N172.78bn respectively. The sum of N59.99bn was shared
among the oil-producing states from the 13% derivation fund. The revenue generating
agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS),
and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N10.20bn,
N13.73bn, and N10.49bn respectively as cost of revenue collections. Further breakdown of
revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a
total net amount of N164.48bn was disbursed to the FGN consolidated revenue account;
N5.02bn was received as a share of derivation and ecology; N2.51bn as stabilization fund;
N8.44bn for the development of natural resources; and N6.93bn to the Federal Capital Territory (FCT) Abuja.

Post the link to the PDF.

ehikwe22:
That's a big lie. I have the PDFs from NBS from different months. I probably mixed up some of the months. For example June was 1.22trillion. October was trillion as well. Just check for the whole months and stop lying 950 was the highest ever

Post the PDF here.

ehikwe22:
Just for example, April, July, August 2022

FAAC shared 656 Billion in April, 954 Billion in July (highest ever) and 673 Billion in August.

ehikwe22:
It ran into trillion with 400 exchange rate and it's the same thing as what happened this month. You see it happens every once in a while even under the colossal failure called Buhari and there's nothing special about it happening now even with the subsidy removal

Give me the time it ran into trillion.

ehikwe22:
If you check the allocations of previous months including last year's, you'll see that it runs into trillions sometimes and sometimes as low as 509b. It happens even under Buhari the failure - so there's nothing special here. Coupled with the exchange rate used by the central bank to convert this, it didn't even appreciate

How many times did it run into trillions? Just once at 1.1 trillion. It was even 950 Billion actually.

ehikwe22:
Did you forget the post you're commenting under? It's a post talking about FAAC allocation improving astronomically which is completely false going by the fact that the exchange rate used for oil sales simply changed from 400 to 700. What the common man in the street exchange is not consequential here

Even at that, the dollar rate using 800 naira still leaves a FAAC of 2.5 Billion dollars in comparison to the previous 780 Billion naira which was about 1.7 Billion dollars at 450 naira.

ehikwe22:
Technically, it was not. For example, how come the FAAC suddenly increased astronomically? It's because the official exchange rate was calculated at 700+ instead of the usual 400ish it used to be. Did allocation actually increase? Only an idiot would think so

It was 450 to the Government and Elites of course but over 90% of the population could only access the 750.

mrvitalis:
Commended for what? Exactly ?

Were you getting dollar at 450 previously?

XerXers:
What is the dollar equivalent with the prevailing exchange rate?

Dollar equivalent is actually almost double as well.

00FFT00:
The bold sentence will be the trigger indicating that I have no need to further engage this individual.

Because you have no case in the first instance.

The name was pencilled down and sent to INEC within the 14 days period and that is also the letter before the supreme court.


Bookmark this post.

dreamxhaser:
Abuja beats Accra any day any time.

WTF?

Tbh Ghana has the worst cities on this thread. I don't see anything spectacular about Ghanaian cities. When I see a car, I get a glimpse of what the likes of Port Harcourt or Kano looks like.

You are right about Ghana having the worst cities on this thread and this is not necessarily to shade Ghana but to state facts from naked eye test on the best parts of all cities.

Lotanna2:
Very very.he is obi supporter but harp on to any imaginary allegation against tinubu whether from obi or not

All of them are sore losers.

You couldn't prove you won in court, so you look for every imaginary case from anywhere against Tinubu whether it makes sense or not. You just want to bamboozle the court with many cases to see if one can go through for disqualification, knowing already that you lost.

When the court dismisses all of the cases seeing how useless they all are, the next plan is to say Judiciary is compromised.

You lost, why not take your loss like a man?

Lotanna2:
Exactly.anything relating to nomination, substitution is preelection and internal

These guys are very bad losers. It's unfortunate.

Penguin2:
Read the encircled portion of the letter below 👇

That’s from INEC’s written address to the election petition tribunal.

Can you see them tell the court that they received Shettima’s nomination letter on 13th July, 2022?

The letter bearing the withdrawal from Senate to indicate Shettima's nomination for VP was dated 6th July. When INEC received it doesn't matter.

Double nomination was rather a stronger argument in this sense, this one doesn't fly.

Supreme court didn't even speak of 13th July in their final judgement. The 6th July letter is all they accepted as evidence in case of double nomination.