Author Topic: Nigeria FG, states, LGs share N387.8bn for December  (Read 340 times)

0 Members and 1 Guest are viewing this topic.

Offline yungcrux

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 813
    • View Profile
Nigeria FG, states, LGs share N387.8bn for December
« on: January 27, 2016, 10:27:36 AM »
Loading...
The Minister of Finance, Mrs Kemi Adeosun, on Tuesday in Abuja said that N387.8 billion was shared among the federal, states and local governments as revenue for December, 2015.

Adeosun, who was represented by the Permanent Secretary, Ministry of Finance, Mr Mahmoud Isa-Dutse, announced this while addressing newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

She said that the shared amount comprised the month?s statutory revenue of N315 billion. ?Also, there is the exchange gain of N4.5 billion which is proposed for distribution.


Adeosun also said that the money shared included the N6.3 billion that was refunded to the federation account by Nigerian National Petroleum Corporation (NNPC).

?Therefore the total revenue distributable for the month of December, including VAT of N62 billion, is N387.8 billion,? she said.

The News Agency of Nigeria (NAN) recalls that N369.9 billion was shared to the three tiers of government as revenue for the month of November.

This month?s allocation shows an increase of N17.9 billion.


Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N147.5 billion, representing 52.68 per cent while states got N74.8 billion, representing 26.72 per cent.

The local governments, she said, received N57.7 billion, amounting to 20.60 per cent of the amount distributed. She said N42.05 billion, representing 13 per cent derivation revenue was shared among the oil producing states.

Adeosun also announced that during the month under review, Nigeria Liquified Natural Gas paid a dividend of 150 million dollars which had earlier been distributed to the three tiers of government.

The minister said that the country generated N214.6 billion as mineral revenue and N100.3 billion as non-mineral revenue in December.

She said this showed an increase of N16.04 billion and N1.5 billion respectively from what the country generated in the preceding month.

The minister also said the balance in the Excess Crude Account was 2.25billion dollars, indicating that nothing had been removed or added since July, 2015.

Adeosun said acts of vandalism on oil pipelines among other factors had continued to negatively impact on oil revenue generation.

She said shut-in, shut-down of production for repairs, production shortfall due to technical hitches at different terminals throughout the month impacted negatively on crude oil and gas revenue.

According to her, there was a revenue loss of 143.9 million dollars as a result of reduction in federation export sales and drop in the average price of crude oil from 49.58 dollars in October to 43.4 dollars in November, 2015,? she said. (NAN}



 

Nigeria Single Treasury Acct TSA boost revenue collections as FAAC shares N511bn

Started by mastercode

Replies: 0
Views: 290
Last post August 30, 2015, 04:07:58 PM
by mastercode
Nigeria-South African country?s media confirms legitimacy $9.3M of arms deal

Started by mastercode

Replies: 0
Views: 287
Last post October 07, 2014, 11:34:33 AM
by mastercode
Tony Elumelu launches Empowerment Fund to revitalize Nigeria distressed areas

Started by admin

Replies: 0
Views: 404
Last post October 17, 2014, 01:11:34 PM
by admin
Fuel scarcity - okonjo iweala accused Oil marketers of holding Nigeria to ransom

Started by mastercode

Replies: 0
Views: 533
Last post May 04, 2015, 09:43:56 AM
by mastercode
IRAN - US Deal - Nigeria May Lose N333 billion in crude oil revenue By Year End

Started by mastercode

Replies: 0
Views: 232
Last post July 21, 2015, 01:50:49 PM
by mastercode
President Buhari Tells NNPC New Boss - Recover all Stolen Nigeria Oil Money

Started by mastercode

Replies: 0
Views: 123
Last post August 05, 2015, 05:01:21 PM
by mastercode
President Buhari hails British support for repatriation of Nigeria?s stolen fund

Started by mastercode

Replies: 0
Views: 188
Last post October 07, 2015, 08:26:29 PM
by mastercode
APC React to PDP call for buhari's Resignation amid Nigeria 2016 missing Budget

Started by newspostng

Replies: 0
Views: 175
Last post January 15, 2016, 10:27:53 AM
by newspostng
FirstBank sustains support for Nigeria Association of the Blind on White Cane Da

Started by admin

Replies: 0
Views: 216
Last post October 15, 2014, 07:07:30 PM
by admin
ARMS DEAL: Finally, South Africa returns seized $15m to Nigeria

Started by mastercode

Replies: 0
Views: 231
Last post October 25, 2014, 09:41:20 PM
by mastercode