₦airaland Forum

The Federation Accounts Allocation Committee on Wednesday at its virtual meeting shared to the three tiers of government a total sum of N 547. 309bn as federation allocation for the month of May 2020.
FAAC’ s virtual meeting was chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Mahmoud Isa - Dutse, according to a statement issued by the ministry in Abuja on Wednesday night.
The ministry stated that from this amount, inclusive of Value Added Tax , exchange gain and excess bank charges recovered , the Federal Government received N 219. 799bn; states, N152 .436 bn; Local Government councils N114 .095bn : while the oil - producing states received N 37.021 bn as derivation ( 13 per cent of mineral revenue ) .
“ However , the cost of collection/ Federal Inland Revenue Refund /Allocation to North East Development Commission was N 23.958 bn, ” the statement added.
It said a communique issued by the Federation Account Allocation Committee at the end of the meeting indicated that the gross revenue available from the VAT for May 2020 was N 103. 873bn , against N 94.498 bn distributed in the preceding month of April 2020 , resulting in an increase of N9 .377bn .
It said the distribution was as follows, Federal Government got N 14.49 bn; states, N 48.301 bn; Local Government councils , N 33.811 bn; while derivation got N 0. 000; and cost of collection/ FIRS refund/allocation to NEDC was N 7. 271bn .
The statement added that the distributed statutory revenue of N 413. 953bn received for the month was higher than the N 370. 411bn received for the previous month by N 43. 542bn .

From this , the Federal government received N 191.58 bn; states, N 97.172 bn; Local Governments, N 74. 915bn ; derivation got N 33.599 bn; and cost of collection was N16 .687 bn.
The finance ministry said in the statement that “ the communique also revealed that Petroleum Profit Tax, Import Duty and Value Added Tax recorded increases , while Companies Income Tax , Oil Royalty and Excise Duty recorded decreases .”
It stated that the total revenue distributable for the current month including cost of collection to Nigeria Customs Service, Department of Petroleum Resources and FIRS , according to the committee was N 547. 309bn.

source: https://punchng.com/breaking-fg-states-lgs-share-n547bn-for-may/

This FAAC allocation is dropping gradually

Do what is the motive behind this ftc sef

Hold ur Govs accountable.

Apc scammed us!
They promised nigerians restructuring but look what we've got....
Unless Nigeria is restructured, the cries of seccesion would only get louder by the day.

Cash out mode for Governors, if you know you know.

All the 36 portfolio governors and their commissioners of finance has already finish sharing the money ; putting their eyes now on July own.
Niaja!!!!!!

Damnnnnn niggarrr
Isoright

That is good

Beautiful!

yet not much is done to improve the living standard

andrewtosin:
This FAAC allocation is dropping gradually

Mehn this is serious trouble looming.
Last month witnessed a decline from 747 to 606 billion and now this.
Gosh some governors will use this as an excuse to slash salaries of civil servants while some won't even pay at all.
May God punish corona

Timbers

Good......pls where are dey sharing it? Is it for everybody?

































Their pot of soup don land again.

Most of this money will make no difference. It will be same of this same.

Nigerians needs more understanding to make our leaders in all facets accountable.

Including the public service; civil service, military, para-military and others

We will get there

And yet 1 naira no go reach this my big mouth na thunder go faya all of Una

Who knows a way to stone this finance minister?











Honestly I get seriously enraged whenever I see her image....






Dumbest ever in the history of Nigeria

All this states does is just pay salary...
No plan,no strategic investment to boost their IGR....
Even Lagos with the biggest IGR is just lucky due to the federal infrastructure when Lagos was the capital...Ever since 1999 no Government in Lagos state has done a major project... If Sanwolu can actually complete the monorail that will be the first major project since 1999...while the state has over N30 bn monthly IGR..it's a big slap on our face.
...Sadly those oil rich state should bow their heads in shame too...
Comparing their monthly allocation With their size and population ,Oyo state shouldn't come close to any of them,but Sadly it's only Rivers that can stand with OYO...their governors will THIEF all the money and they will tell their indigenes its FG's Fault...
FG is bad,but with the huge allocations those Niger Delta state has,they should be able to function and run excellently without extra help from FG....
Lastly all those stupid local goverment chairman should be hang with their balls...
Alimosho LG in Lagos receives over N800,000,000.00 monthly and absolutely nothing to show for it... Eto-Osa receives over N450,000,000.00 and I haven't seen a single project by the local government in my over 5 years of living and working within this axis.
If we actually tackle this stupid people at the root,our problem will be half solved...
Last last....
Oyo state built the then tallest building in Africa (Cocoa house) with the proceeds from cocoa and other agricultural produce in 1965...Over 50 years ago... and now they can't even get N1 billion naira from Agriculture a month in 2020...The business that yielded so much money 50 years ago should almost be as big the Crude oil exports... I hope Seyi Makinde can revive that industry....
Crude oil in the Niger Delta region is the cause of our problem and it's a blessing with many CURSE...
Then we also have the Northern states that are nothing but a burden...
As poor as Zamfara state is,they allocated a billion naira for graveyard maintenance Sometimes last year..and I almost cry when I read the news...it's sad,it's sad,it's sad.

Will imo state gorvernment use this opportunity and pay off workers salary?

DuBLINGreenb:
And yet 1 naira no go reach this my big mouth na thunder go faya all of Una

Go contest for ur LG chairman if u want to be part of it.

FG please my gov Ikpeazu is in isolation centre, can i come forward and collect for my state?

while the oil - producing states received N 37.021 bn as derivation ( 13 per cent of mineral revenue ) .

I don't see any reasons why some SE states and Niger Delta shouldn't develop with all these monies.
grab your governors' balls and make them accountable. stop pining all blames on Buhari.

make una dey share dey go

IMF and AFDB loans shared

ok

So its remaining?

Lets see where to get the loan to share in June.

wait

FROM OIL PROCEEDS

Oil producing states received N 37.021bn as derivation ( 13% of mineral revenue)

However the cost of collection/Federal Inland revenue refund/Allocation to North East development commission was N 23.958bn.


THEN

FROM VAT

Cost of collection/Federal Inland revenue/Allocation to North East development commission was N 7.271bn


Does it mean that North East development commission received a total of 23.958 + 7.271 or 7.271 is part of the 23.958


On what grounds would the NEDC be getting this much

What is their contribution (revenue wise)

What are they rebuilding??

What is their benefit to this nation asides terrorism and religion extremism

Economy of sharing. Sharing everything as usual and still prospecting for oil but they sold us diversification hope in 2015.

Allocation sharing that the masses are not feeling it's impact

Kekereekun123:
IMF and AFDB loans shared

When they want to pollute peoples mind they say Nigeria is a very rich country but once in the system they start borrowing.