₦airaland Forum

Stanbic watin dey happen na ?

The three tiers of government have started 2018 on a good note as members of the Federation Account Allocation Committee (FAAC) yesterday shared N655.177 billion for the December 2017.

Addressing reporters at the end of the monthly FAAC meeting on December 2017 disbursements, the minister of finance and chairman of FAAC, Mrs Kemi Adeosun, stated that N540.446 billion was shared as statutory disbursements.

However, after deducting costs of collection for the Customs and Federal Inland Revenue Services (FIRS) the federal government pocketed N252.543 billion, states, N128.093, local governments got N98.755 billion while N47.738 billion shelled out as 13 per cent derivation to oil producing states.

After making statutory deductions to FIRS, the three tiers also shared N80.604 billion from proceeds of Value Added Tax (VAT) with the federal government receiving N13.091 billion, state governments, N40.302 billion and local governments N28.211 billion.



According to the minister, gross revenue of N540.446 billion received for the month was lower than the N549.533 billion received in the previous month by N9.087 billion.

Adeosun noted that the decrease in crude oil export sales by 0.59 million barrels resulted in decreased revenues from export sales of $11.65 million.

The finance minister also disclosed that the accruals into the Excess Crude Account still stands at $2.317 billion.

Also speaking after the meeting, the chairman of finance commissions forum Alhaji Mahmoud Yunusa said many states governments have keyed into the efficiency unit which has been working favourable for the states.

Yunusa from Adamawa state many state governments have embarked on cost cutting measures after adopting the efficiency unit protocol which is part of the fiscal responsibility plan that they have all agreed to adopt.

I was told that Feb/march arrears payment have commenced. How true is it?

Gtb alert received.

Expect salary tomorrow evening.

FAAC meeting to be held today.

That means December salary will be paid next year.

The sum of N558.082 has been shared as FACC allocation among the Federal, States and Local Government Councils for the month of September 2017. The communiqué issued by the sub -Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation, at the end of the meeting held today in Abuja, indicated that the gross statutory revenue received for the month is N423.961 billion and is lower than the N550.992 billion received in the previous month by N127.023 billion. The shared amount comprise the Month’s Statutory distributable revenue of N423.961 billion and the Value Added Tax of N83.315 billion, as well as Exchange Gain of N50.806 billion making up N558.082 billion. Accordingly, from Net Statutory Allocation, the Federal Government received N198.054 billion representing (52.68%); States received N100.456 billion (26.72%); Local Government Councils received N77.447 billion representing (20.60%); while the Oil Producing States received N35.414 billion as 13% derivation revenue. Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.997 billion (15%); States received N39.991billion (50%) while the Local Government Councils received N27.994 billion (35%). The Communique further explained that there was a decrease in the average price of crude oil from $50.44 to $46.29 per barrel and a significant increase in export sales of $176.4 million due to increase in oil production by 4.12 million barrels .However, activities at the Forcados terminal resumed for the first time since February 2016. In spite of this there was also shut-in and shut-down of pipelines for maintenance and for repairs . Furthermore, significant increases were also recorded in Oil royalty, while Companies Income, Petroleum Profit tax , Import and Excise Duties and Value Added Tax recorded witnessed considerable decline. Meanwhile the balance of the excess crude account is $2.309 billion. #end# Kenechukwu Offie (Mrs) Director Information, OAGF

Read more at: https://prnigeria.com/economy/fg-states-lgcs-share-september/

Stanbic alert. #4000.00 deduction.

No arrears.

Alert loading.....

Good one.

Any arrears

August/arrears salary loading..... Zenith bank how far?

Expect arrears tomorrow.

Pls add me in the watsapp group. 08037637481. Am from Rivers state.