₦airaland Forum

Federal, states and local governments on Thursday shared N714.8 billion revenue generated in July, the News Agency of Nigeria (NAN) reports.

The figure indicated a decline of N107.1 billion when compared to what was generated in June.

The Minister of Finance, Mrs Kemi Adeosun, while briefing newsmen in Abuja on the outcome of the monthly Federation Account Allocation Committee (FAAC) meeting, highlighted several factors that impacted negatively on the month’s income.

“Crude oil exports sales volume was 3.74 million barrels showing an increase of 0.17 million barrels when compared with the previous month sales of 3.57 million barrels.

“Despite the improved revenue, production was negatively affected in the period by shut-ins and shut-down at various terminals for repairs and maintenance of ageing facilities.

“The value Added Tax (VAT), import duty, Companies Income Tax (CIT) and Oil Royalty decreased, while Petroleum Profit Tax recorded an increase,” she said.

Adeosun, giving a breakdown of the revenue generated, said that N376.14 billion was generated as mineral revenue, while N221.8 billion came from non-mineral resources.

To this end, the minister said that Federal Government received N269.8 billion, states N136.85 billion and local government N105.5 billion.

She said that N44.96 billion was also shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of July.

Adeosun said the equivalent of N25 million was transferred into the Excess Crude Account (ECA), adding that the balance in the ECA account was 2.31 billion dollars.

The minister also gave an update on the review of the revenue reporting template between the NNPC and the FAAC as directed by President Muhammadu Buhari.

She announced that the reporting template would be ready before the next FAAC meeting in September.

It will be recalled that President Muhammadu Buhari ordered the review of the revenue reporting template between the NNPC and the FAAC as a lasting solution for the frequent disagreements between the two parties over revenue collections.

http://www.metronaija.ng/fg-states-lgs-share-n714-8-billion-for-july/

Salary is sure

Abeg make dem pay oooo

There is love in sharing.. I hope some reaches my acct

later they will still complain of no money in the system

Always sharing money but no tangible effect every month. Yimu

Hmm too much money,
Buhari is really working.

tos4u:
Always sharing money but no tangible effect every month. Yimu

Development takes time to achieve, if it is done. Destruction is instant, happens within a twinkle of an eye

oboi see money

Abeg make den sell this country and gimme my own share...

Ok

See girls striping in the name of dancing
This is sexy and funny thoghu

https://www.nairaland.com/4706165/mperotv-sexy-hilarious-videos

Sharing money like agbero...



This is the problem

Yet, Gburugburu won't leave people's lands alone

Big figures.
Yet lotta peeps live below the poverty line.

I hope, they use it wisely...

YET THE MONEY WONT REACH THE MASSES. GHANA WE ARE COMING!!!

Blackfire:
Sharing money like agbero...



This is the problem

Most of them are agberos.

So dem still dey share this money... after them talk say Jona spend Money wey suppose dey treasury...

They are just sharing. What were they doing last week? Now i have to wait till next week for Gov wike to show working. I dey vex

Govt of sharing.. ..


That's why this country cannot move forward.

Why do I need to work as a state in Nigeria when money is coming from the Federal government?

Keep promoting laziness untill the country collapse economically

iyanumiv:
Abeg make den sell this country and gimme my own share...

Seconded lol

rottennaija:
Development takes time to achieve, if it is done. Destruction is instant, happens within a twinkle of an eye

Sharing money is rubbish and deliberately creating more poverty.

Yet some governors won’t still pay salaries.
While some states that have nothing with their IGR not up to 300m monthly who are benefitting heavily from this share formula will be shouting restructuring.

I remember the minister of finance saying once revenues reach 500bn no state should have an excuse to owe salaries

But what's happening

Continue sharing

Useless country

As usual food has landed for our elected, appointed, past and present thieves

DECENCY3:
Salary is sure

...u head dey there..sir
That was my first response

Good ! Salaries should be dropping henceforth.