The Accountant-General of the Federation, Mr Ahmed Idris said the Federal Government on Wednesday shared N610.36 billion, generated in January to the three tiers of government.

He said this at a news conference at the end of the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

He, however, said approval was being awaited from the Minister of Finance, Mrs Zainab Ahmed for additional N50 billion from the Foreign Exchange Equalisation Account, which would be distributed accordingly.

According to him, Nigeria’s Excess Crude Account (ECA) currently stands at 249 billion dollars.

A communique issued at the end of the meeting noted that in January, the federation crude oil sales increased by 2.4 million barrels, resulting in increased federation revenue by 149.94 million dollars, in spite of a drop in price of crude oil from 81.06 dollars to 75 dollars per barrel.

In the month under review, oil royalty, import and excise duties increased substantially while Companies Income Tax (CIT) and Petroleum Profit Tax (PPT) decreased marginally.

It also said that the gross revenue of N505.24 billion was received in January, a figure lower than the N547.46 billion received in the previous month by N42.216 billion.

“The gross revenue from Value Added Tax (VAT) is N104.46 billion as against N100.76 billion distributed in the previous month, resulting in an increase of N3.708 billion.

“From the total gross revenue from VAT, the Federal Government received N15.04 billion, the States received N50.14 billion, while the LGAs received N35.10 billion and the revenue generating agencies received N1.17 billion,” it stated.

The communiqué also showed that the Federal Government received N252.41 billion, the States received N170.54 billion, while the Local Government Areas (LGAs) received N127.923 billion.

It also indicated that the oil producing states received N41.99 billion as 13 per cent derivation revenue, while the revenue generating agencies received N17.50 billion as cost of revenue collection.

The News Agency of Nigeria (NAN), reports that the revenue was derived in January but was shared in February

source:

https://citadelng.com/faac-fg-shares-n610-36bn-allocation-to-three-tiers-of-govt-in-feb/

Next level!!! With all the allocation received by these state govts no meaningful development in their state. If "Gods sent "Buhari sent efcc after em now, they will start shouting because we are 5% that's why he is treating us like this.

The stock market is just crashing anyhow since Buhari won...na wa oooo

See these politicians calling billions whereby majority of its citizens are living in poverty

This is good news. Pray they put it to good use.

FG ought to monitor how the allocations are been spent.
Outgoing governors might use it for last supper, while others will inject it on gubernatorial elections, as seen in 1b in Kwara state.
At the end of the day, the masses suffer for it.

ECA 260bn $

If true, Buhari is God sent....

if this money is shared at least 1Million naria to every young Nigerian will go a long way to lift the poverty in the country but we will stil don't know how the money will be spent atlas.

SirWarlock:
ECA 260bn $

Massive

Why can't they share this money amongst Nigerians. Maybe 500billion per region per month for 6 months. Make we sef loot our money small

I am very sure this country is going to experience a lot of development under Buhari, but some elites are planning on Sabotaging Buhari efforts because it doesn't favour them much, Market Moni, trader money, people's moni all targetted the poor in this country but it is very pitiful that the Elites won't allow it. Many of this Elites owe Buhari Government a lot of Money and they are unwilling to pay, they were all hoping Buhari would lose so that they can Escape with our Money.

Allocation as always been disbursed based on the money generated within and from outside the country when the money generated is much high allocation to the states but wen Diz happens most states governors wouldn't make it know but wen derez shortfall days wen yhu will hear about dat

Good stuff

sweetyme001:
Next level!!! With all the allocation received by these state govts no meaningful development in their state. If "Gods sent "Buhari sent efcc after em now, they will start shouting because we are 5% that's why he is treating us like this.

divide 170billion by 36 states how much do u get?
some states hv wage bill of above 4billion naira monthly, some r servicing debts they.inherited from.previous govts. i just.calculated it, its 4.7billion.if.shared equally.
what will that do to a state with more than 4billion as wage bill?
if states downsize una go.hit street protest.
a time will come.when some.states wont be able.to do projects.
i want apc.to win.kwara so.i.can see how they will transfofm.the state.to hongkong in.4yrs with the same allocatikn.they will still.be recieving from.fg

LazyGold:
I am very sure this country is going to experience a lot of development under Buhari, but some elites are planning on Sabotaging Buhari efforts because it doesn't favour them much, Market Moni, trader money, people's moni all targetted the poor in this country but it is very pitiful that the Elites won't allow it. Many of this Elites owe Buhari Government a lot of Money and they are unwilling to pay, they were all hoping Buhari would lose so that they can Escape with our Money.

peoples reasoning

yaki84:

peoples reasoning

It is the truth a lot of Private firm company owe Nigeria a lot of Money

yaki84:

divide 170billion by 36 states how much do u get?
some states hv wage bill of above 4billion naira monthly, some r servicing debts they.inherited from.previous govts. i just.calculated it, its 4.7billion.if.shared equally.
what will that do to a state with more than 4billion as wage bill?
if states downsize una go.hit street protest.
a time will come.when some.states wont be able.to do projects.
i want apc.to win.kwara so.i.can see how they will transfofm.the state.to hongkong in.4yrs with the same allocatikn.they will still.be recieving from.fg

Guess You Like How Saraki Have Being Looting The State.

We All Know They Can Not Transform The State In A Jiffy But There Will Be Great Improvement

Some States reaping where they didn't sow. Develop your natural resources too.

latexxbro:
if this money is shared at least 1Million naria to every young Nigerian will go a long way to lift the poverty in the country but we will stil don't know how the money will be spent atlas.

if everyone in nigeria suddenly become rich, there will be inflation which will disrupt the country's economy
just imagine every body being rich
who will be the shoe-maker to repair our shoe, who will be the tailor to sew our clothing
#nextlevel

sweetyme001:
Next level!!! With all the allocation received by these state govts no meaningful development in their state. If "Gods sent "Buhari sent efcc after em now, they will start shouting because we are 5% that's why he is treating us like this.

A times I wonder where your sense travelled to? Must you raise tribal issues here? Nawa 4 u ooo...

And they spent 170 billion on election only. Whereas, annual budget is 600billion. Expensive democratic process that will still be rigged
And Nigeria better adopt a two party system. 71 parties without a single fight in them, eating up ballot space

No wonder some of the State Governments are yet to pay salaries.

Oluwa my share dey there

Prophet108:
See these politicians calling billions whereby majority of its citizens are living in poverty

It's worst under PDP

Can't believe they returned Abah Moro....despite the recruitment scam

If ortom dosent pay civil servants will suprise him next saturday.