Monthly Allocation Drops by N90.2bn, FG, States, LGs Share N420bn

Date: 2016-10-21

In spite of the recent appreciation of crude oil price in the global market, quantity shock has impacted negatively on allocation to the three tiers of government for the month of September as the spate of attacks on oil installations and pipeline vandalism showed no sign of abating.

From N510.270 billion shared by the three tiers of government for August allocations, the sum of N420 billion was approved for sharing at the Federation Account Allocation Committee (FAAC) meeting in Abuja yesterday, indicating a decline of N90.2 billion.

The Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, who addressed journalists at the end of the meeting, stated that there was a decrease of oil for export in the month of June by 1.15 million barrels due to attacks on oil assets.

The decrease in revenue cuts for September allocations also affected both statutory revenue, Value Added Tax (VAT) and customs duty collections While net statutory allocation was N315.045 billion in August, it declined to N250.947 billion in September.

VAT, which was N75.962 billion in previous month, also came down to N64.265 billion in September. Of the net statutory allocation, the federal government got the highest sum of N120.351 billion, states N61.044 billion while local governments received N47.062 billion.

The sum of N13.729 billion went to oil producing states as their share of 13 per cent derivation. Balance in Excess Crude Account stood at $2.454billion.

In another development, the Permanent Secretary and the Accountant- Generation of Federation, Alhaji Idris Ahmed have endorsed the recent position of the International Monetary Fund (IMF) that Nigeria's economy is the largest in Africa.

"That Nigeria is back again as the biggest economy on the continent is a welcome development. When it started sometime ago and South Africa took over the lead as the biggest economy, I'm not surprised at all that Nigeria has taken over her leading position given what the federal government is doing to get the economy from recession.

"We have the potential of growth to move higher. It will put us in rightful position as a major destination for investors," the permanent secretary said.

The Edo State Commissioner for Finance and Chairman of Commissioners of Finance Forum Mr. John Inegbedion, said the cost of collection deducted by both FIRS and Nigeria Customs Service and Department of Petroleum Service was unconstitutional. But he however noted that it was unanimously agreed by all stakeholders that the cost of collection be effective.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Erubu     BECE     Aliyu Sabi     Ibrahim Oloriegbe     BIR     Niguel Gallando Marcias     Abdullateef Abdussalam     Iyabo Adisa Ibiyeye     NaAllah     Kwara State Coalition Of Business And Professional Associations     Sa\'ad Alanamu     Deji Ajani     Baaziki Sulaiman     Sidikat Alaya     PPS     Micheal Imoudu     Babata     Special Agro-Industrial Hub     Ridwan Agboola     Saka Keji     Patience Jonathan     Oyedepo     Bankole Omisore     Agbarigidoma     National Union Of Road Transport Workers     Taibat Ayinke Ahmed     Abubakar Baba     Osi     Junior Secondary School Certificate Examinations     Abdulrazaq Solihudeen     Okoolowo     Mohammed Abduraheem     Ishola Balogun Fulani     Local Government Pension Board     Salihu Ajibola Ajia     Kale Bayero     Obuh     Seun Bolaji     Nigerian Correctional Service     Balogin Alanamu     Muhammad Akande Olarewaju Odunade     AbdulHakeem Ajibola Akanbi     Abdulsalam A. Yusuf     Zubair Folorunsho Erubu     Kumbi Titiloye     Fola Consultant     Hausa     Ibrahim Mohammed     Bola Sagaya     Olatinwo     Shade Omoniyi     Mujtabah Bature     CCT     Samuel Adedoyin     Idofin     Ibraheem Adeola Katibi     Chikanda     Gaa Olobi     Offa Descendants Union     UTME     Abdulfatai Salman Baakini     Lateef Alagbonsi     Oloruntoyosi Thomas     Makama Of Ilorin     Afonja Descendants Union     Isiaka Abdulrazak     Abdulwahab Ololele     Emmanuel Olatunji Adesoye     Ambassador Kayode Laro     Zaratu Umar     Abdul-Rahoof Bello     Kunbi Titiloye     Oluronke Adeyemi     Hauwa Nuru     Code Of Conduct Tribunal     Bayo Lawal     Bukola Ajikobi    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ifelodun     Oluronke Adeyemi     KSIRS     Yusuf Ali     Ajibola Ademola Julius     Olosi Of Osi     Ilorin     Balogun Fulani     Shettima Of Ilorin     Raliat Islamic Foundation     Agbarigidoma     Olaiya Zuberu     Bankole Omisore     Olohungbebe     Mohammed Lawal Bagega     AbdulRazaq Jiddah     NNPP     Pakata     Baba Idris     Lanwa     Adeola Abraham     Lafiagi     Laolu Saraki     State Bureau Of Internal Revenue     Moji Makanjuola     General Hospital, Ilorin     Abdulganiyu AbdulAzeez     Yomi Adeboye     Michael Nzwekwe     Otunba Taiwo Joseph     Mohammed Haruna     Aiyedun     Shonga Farm Project     Bukola Saraki     Awili Pedro     Awwal Jawondo     Aisha Gobir     Adolescent Girls Initiative For Learning And Empowerment     Offa     Shuaibu Yaman Abdullahi     Elelu     MalHub     Olatunde Olukoya     Funmilayo Oniwa     Bamidele Adegoke Oladimeji     Abdullahi Saadudeen Alikinla     Ilorin International Airport     Gbadeyan Gbadura Yomi     HICA     REO CAKES     Samuel Adedoyin     Kunle Akogun     Ebun-Olu Adegboruwa     Kisira     Oyun     Mutawalle     Ayeyemi Sulaiman     Kassim Babamale     Oba Abdulrahim     Fatimat Saliu     Hussein Oloyede     Dagbalodo     Ibrahim Abiodun     Abdul-Rasheed Na\'Allah     Salami Adekunle     Ilesha-Baruba     Dorcas Afeniforo     KWTV     Olam Food Ingredients     Vasolar Consortium     Garuba Alikinla Shittu     Road Transport Employers Association Of Nigeria     General Tunde Idiagbon International Airport Ilorin     Rasaq Jimoh     Bello Taoheed Abubakar     Iliasu     Olokoba Abdullahi Ayinla