News
FAAC: FG States, LGAs Share N721bn
The Federation Accounts Allocation Committee (FAAC) last Wednesday in Abuja shared the sum of N721.505 billion for the month of April.
The Minister of State for Finance, Dr Yerima Ngama, made this known when he briefed newsmen on the outcome of the FAAC meeting.
“The distributable statutory revenue for the month is N531.332 billion,;there is augmentation of N92.436billion which brings the total statutory allocation to N623.768 billion.
“Also distributed is the sum of N7.617 billion refunded by the NNPC. In addition, the sum of N35.549 billion is proposed for distribution under the SURE-P programme.
“The total revenue distributable for the current month, including the value added tax is N721.505 billion,’’ he said
A breakdown of the distribution showed that the Federal Government received N246.690 billion (52.68 per cent); states N125.124 billion (26.72 per cent) while local governments received N96.466 billion (20.60 per cent).
Ngama said that a total of N59.152billion representing 13 per cent derivation, was shared among the oil producing states.
He said that the gross revenue of N621.070 billion received for the month, was higher than N595.708 billion received in April by N25.362 billion.
“This was due to the increased earnings from the domestic crude and petroleum profit tax.’’
He, however, said that the challenges of production and lifting operations experienced in the previous month persisted.
On VAT, he said that for the month of April, the gross revenue available was N54.571 billion as against N64.199 billion distributed in the preceding month.
This, he said, resulted in a decrease of N9.628 billion.
Ngama said that the mineral revenue collected for the month was N544.755 billion, adding that the amount exceeded the budget of N465.057 billion for the month and N518.389 billion realised for the month of March
According to him, the non-mineral revenue collected for the month of April is N76.315 billion, showing a decrease from the N77.319 billion collected in March.
He said that a total of N89.738 billion was paid into the Excess Crude Account (ECA) out of the revenue generated for the month, bringing the total balance to about $5.876 billion as at May 15.
Our correspondent reports that the total balance in the excess crude at the end of the committee meeting in April was about $7 million.
Meanwhile, the Chairman, Finance Commissioners Forum, Mr Timothy Odah, who spoke with newsmen shortly after the meeting, said that the forum had extensive discussions on how best to enhance the payment system.
Odah said that all issues were resolved after a long discussion, and expressed concern about the decline in the non-oil revenue collections.
He said that the meeting also agreed to pay N1 billion out of the N2 billion requested by the state governors from the ECA.
The chairman urged every state to make effective use of the money to enhance development in the states and also work toward the diversification of the economy.
The Nigerian Extractive Industry and Transparent Initiative (NEITI) made a presentation at the meeting on its new programme on effective management of revenue.
News
Group Doles out N13m To Market Women In Isiama
News
Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants
News
NDDC Organizes ADR Capacity Building for Staff
-
Sports5 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports5 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports5 days ago
NPFL club name Iorfa new GM
-
Sports5 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports5 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports5 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports5 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension