Busy Brain
Busy Brain

Excellent Forum For Business, Information Technology, News Update, Jokes And Education
 
HomeHome  GalleryGallery  FAQFAQ  SearchSearch  MemberlistMemberlist  UsergroupsUsergroups  RegisterRegister  Log in  
Latest topics
» THE MILLIONAIRES CLUB
Sun Feb 12 2017, 21:46 by Admin

» ABOUT MyFXTM
Tue Feb 07 2017, 05:21 by Admin

» Afenifere meets, issues 9-day ultimatum on confirmation of CJN
Wed Feb 01 2017, 10:43 by Admin

» Jealous Husba
Thu Jan 26 2017, 11:57 by Admin

» Almost Joke: Valentine’s Day iPhone
Thu Jan 26 2017, 11:47 by Admin

» After the Honeymoon
Thu Jan 26 2017, 11:42 by Admin

» Akpos Joke: Driver’s licence
Thu Jan 26 2017, 11:37 by Admin

» iPhone 6 or iPhone 7
Wed Jan 25 2017, 23:36 by Admin

» Akpos meets Donald Trump
Wed Jan 25 2017, 23:29 by Admin

September 2017
MonTueWedThuFriSatSun
    123
45678910
11121314151617
18192021222324
252627282930 
CalendarCalendar

Share | 
 

 FG, States, LGAs N13billion richer in January

View previous topic View next topic Go down 
AuthorMessage
Admin
Admin


Posts : 144
Join date : 2012-07-13
Age : 29
Location : Port-harcourt

PostSubject: FG, States, LGAs N13billion richer in January   Sat Jan 21 2017, 06:58



Nigeria’s three tiers of government got a slightly fatter pay packet in the month of January, 2017. Every month, the Federal Government, States and Local Government Areas gather to share the income that has accrued to the country.
With N400bn shared in January, the figure represents an increase of N13.121bn over what was allocated to all federating units in December, 2016. The December figures were N386.879bn.
Nigeria’s Minister of Finance, Mrs Kemi Adeosun, while speaking at the end of the Federation Accounts Allocation Committee (FAAC) meeting, noted that the sum of N248.715bn gross statutory revenue received was higher by N8.595 billion when compared with the N240.120 billion received in the month of December, 2016.
The amount that was shared, she said, comprised January’s statutory distributable revenue of N224.883 billion, Value Added Tax of N79.273 billion, Exchange gain of N52. 842 billion and Excess PPT Account of N42.998 billion. This was in addition to the sum of N6.330 billion refund to the Federal Government by Nigerian National Petroleum Corporation (NNPC).
“From the Net Statutory revenue, Federal Government received N105.762 billion (52.68%); States received N53.644 billion (26.72%); Local Government Councils received N41.357 billion (20.60%); while the Oil Producing States received N15.504 billion as 13% derivation revenue.
“Furthermore, from the Revenue available from the Value Added Tax (VAT), Federal Government received N11.415 (15%); States received N38.051 billion (50%) while the Local Government Councils received N26.636 (35%)” Adeosun said.
However, she noted that there was a revenue decline of $65.40 million in Federation export sales due to a drop in the volume of Crude oil export of 1.390 million barrels while crude oil sales increased from $47.08 to $47.30 per barrel during the period under review.
Nigeria continues to rely heavily on oil revenue to drive its development plans. The Buhari-led administration has spared no effort to ensure that insurgency by militants is curbed in the Niger Delta region with hope of keeping the oil tap flowing.
Only recently, Vice President Professor Yemi Osinbajo, undertook a working visit to the region to seek peace among stakeholders.
Back to top Go down
View user profile http://www.judechijioke.com
 
FG, States, LGAs N13billion richer in January
View previous topic View next topic Back to top 
Page 1 of 1
 Similar topics
-
» Over 60,000 tourists visited Sri Lanka in first 16 days of January
» What is the tourist arrival for January 2012 ?
» India records biggest January foreign inflow for stocks
» Agenda of the meeting (4) Monday 12 January 2015
» ROYAL CERAMICS LANKA UNEXPECTED PRICE & PROFIT DROP (RCL.N0000) – By end of January 2016- Price Rs 70 - 80

Permissions in this forum:You cannot reply to topics in this forum
Busy Brain  :: News Update-
Jump to: