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.

Wahab Olasupo Egbewole     Public Holiday     Kwara State Printing And Publishing Corporation     Orire     Damilola Yusuf     Lanre Jimoh     Ilorin Durbar     Garba Dogo     Yusuf A. Usman     Alaaya     CCT     Wahab Issa     Onilorin Of Ilorin     Sabitiyu Grillo     Kolawole Akande     Fola Consultant     Oyelere Oyinloye     Apaokagi     David Oyepinola Adedumoye     Odogun Olushola Gabriel     All Confederation Of Principals Of Secondary Schools     Tescom.kwarastate.gov.ng     IHS     Lukman Oyebanji Fagbemi     Sola Saraki University     Senior Staff Union Of Colleges Of Education     Bashir Badawi     Budo-Egba     Bello Abubakar     Abdulsalam A. Yusuf     Ilesha-Baruba-Gwanara     Charcoal     KWSUED     Gbenga Awoyale     Elesie Of Esie     Yakub Lai Gobir     Kisra     Kwara Consultative Forum     Buhari     Yusuf Babatunde Abdulwahab     Alliance For Democracy     Ibrahim Abiodun     Unicontinental Construction Company     Sulyman Age AbdulKareem     Bola Tinubu     Ayegbeni     Air Peace     National Union Of Road Transport Workers     Abdulrazaq Adebayo     Akume     Elewu     Senate     Abdulrazaq Sanni     Oloruntoyosi Thomas     Abdulraheem Yusuf     Danladi     Plat Technologies Limited     KWASSIP     NAWOJ     Principal Private Secretary     General Tunde Idiagbon International Airport Ilorin     Abdulazeez Arowona     Femi Oladiji     Ilorin Talaka Parapo (ITP)     Mohammed Alabi Lawal     Muyideen Ajani Bello     Niyi Ogundiran     Offa Poly     Lanwa     Rotimi Oyedepo     Ohoro Of Shao     Mamatu Abdullahi     Hussein Oloyede     Suleiman Mora Omar     Arik     Idris Garuba     Balikis Jawondo    

Cloud Tag: What's trending

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

Mahe Abdulkadir     Chikanda     Salman Jawondo     Baba-Isale     Ayobami Akanbi     Ilorin Water Reticulation     Kwara     Isiaka Alikinla     Olupako     Kemi Adeosun     Idris Amosa Oladipo Saidu     Pilgrims Board     Alaaya     AbdulRahman Saad     NNPP     Taofeeq Olateju     Zainab Abass     Folaranmi Aro     Otuka     Kehinde Baale     Oba-Solagberu     Alumni Association Of The Federal Polytechnic Offa     Niyi Ogundiran     James Kolo     Ilesha-Baruba-Gwanara     Adeola Abraham     JUSUN     Metro Park     Laolu Saraki     Shonga Farm Project     Sabo-Oke     Azeez Salawu     Ilorin Curfew     Baaziki Sulaiman     Abdulrahman Abdulrasak     Baba Issa     Muslim Stakeholders Of Kwara State     Yekeen Alabi     NAWOJ     TETFUND     Muritala Olarewaju     Third Estate     Yusuf Abdulkadir     Haashim Initiative For Community Advancement     Amos Bajeh     Balikis Jawondo     Deji Ajani     NSCIA     Kwara State Television     Akanbi-Oke     Ilorin South     Kwara Coalition Of Business And Professional Associations     Babatunde Idiagbon     Afonja Descendants Union     Owu Fall     Yusuf Aiyedun     Abdulkadri Ahmad Alaiye     Abegunde Goke     Ilorin Likeminds Foundation     Turaki     Ilota     Balogun Gambari     Ogidi-Oloje     Raliat AbdulRazaq     Musa Yeketi     Adaramaja     Kayode Alabi     Plat Technologies     Yusuf Abdulraheem     Olaosebikan     Ahmed Mohammed Rifun     Ophthalmological Society Of Nigeria     Gbugbu International Market     Toun Okewale-Sonaiya     Diagnostic Centre     Ndama Al-hassan     Jumoke Monsura Gafar