FG, states, LGs get N619.8bn revenue for Febraury - Oil producing states receives highest sum

- The Federation Accounts Allocation Committee (FAAC) has distributed the sum of N619.857 billion for revenue among three tiers of government

- The total revenue is money generated from VAT, excess bank charges, exchange gain, and forex equalisation

- It was also gathered that oil producing states would be getting 13% of the total revenue, while local government would get 127.722 billion

The Federation Accounts Allocation Committee (FAAC) has shared a total sum of N619.857 billion for revenue among the three tiers of government for the month of February 2019.

The revenue of N619.857 billion is made of distributable statutory revenue, Value Added Tax (VAT), excess bank charges, exchange gain, and forex equalisation, Daily Trust reports.

A further breakdown of the revenue was that the gross statutory revenue for the month was N478.434 billion, revenue from VAT is N96.389 billion, exchange gain was N0.858 billion and revenue from forex equalisation revenue was N44.176 billion.

It was also gathered that as at Wednesday, March 27, the money from the excess crude account was pegged at $183 million.

The communiqué given by the FAAC that showed how the money is going to be shared across all the tiers of government; the federal government would get 257.681 billion, the state would be given N169.925 billion, 127.722 billion would go to local government councils.

States from oil producing areas would get 13% which is N50.946 billion and N13.582 billion would be given to agencies in charge of revenue generation as cost of revenue collection.

It should be noted, however, that the gross statutory revenue gotten for February was N478.434 billion, which is lower that what the N505.246 that was generated in January.

It was reported that gross revenue of N96.389 billion was received from VAT for February as against N104.468 billion that was gotten in the month before.

From the revenue generated from VAT, the federal government received N13.880 billion, the states received N46.267 billion, the local government councils received N32.387 billion and the revenue generating agencies received N3.855 billion.

The revenue gotten from crude oil in the month of January increased by 46% which positively affected the growth of the federation revenue from $425 million to $574.95 million.

PAY ATTENTION: Download our mobile app to enjoy the latest news update

Meanwhile, Legit.ng previously reported that the federal government on Wednesday, January 23, introduced the Strategic Revenue Growth Initiative to generate more revenues to finance national development.

The minister of finance, Zainab Ahmed, at the official inauguration of the initiative in Abuja said that the aim was to harmonise efforts of all the revenue generating agencies in increasing government’s coffers.

NAIJ.com (naija.ng) -> Legit.ng: We have upgraded to serve you better

Yes from Buhari: Tobacco and Alcoholic drinks to cost more (New excise duty rates) | Legit TV

Source: Legit.ng

from Nigeria News today & Breaking Naija news ▷ Read on Legit.ng 24/7 https://ift.tt/2JLVOnT
via EDUPEDIA24/7

Nigerian Academy Of Science Inducts First Female President

The Nigerian Academy of Science has inducted a professor of Parasitology/Epidemiology, Ekanem Ikpi Braide, as its 19th President on Thursday. In a statement issued by Oladoyin Odubanjo, the Executive Secretary of the Academy, Braide is the Academy’s first female President in 44 years of existence. It read, “Braide was a member of the national committee that achieved the laudable feat of guinea worm eradication in Nigeria. “She has a rich professional experience as a researcher and an administrator. In July 2010, Professor Braide was honoured by the President of Nigeria with the award of Officer of the Order of the Federal Republic (OFR) for her contribution to disease control in Nigeria. “She was nominated by the Honourable Minister of Health to serve in the Ministerial Expert Advisory Committee on COVID-19 Health Sector Response (MEACoC-HSR). “Professor Braide served as Vice-Chancellor, Cross River University of Technology (CRUTECH) Calabar, Nigeria (2004 to 2009) and as P...

NLNG Signs Letter Of Intent On Delayed Gas Expansion Project

The Nigerian Natural Liquefied Gas LTD has signed a letter of intent for the engineering, procurement and construction of its long held up Train Seven project. In a statement released by the company on Wednesday, it said that the $10bn project will be executed by a consortium of Italian firm Saipem, Japan’s Chiyoda and South Korea’s Daewoo. The statement reads, “The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.” Managing Director of NLNG, Tony Atta, said in 2018 that the Final Investment Decision would be made in the fourth quarter of that year. This did not however, materialize. According to the release, the project will have a four to five-year execution time after the signing of the FID. The project is expected to add an extra 8 million tons per annum of gas to the 22 mtpa currently exported by the company. Oil News AddThis :...

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja. Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...

EDUPEDIA247

Search This Blog