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

Dust haze weather to prevail on Thursday, December 27

- The Nigerian Meteorological agency (NiMet) predicts thick dust haze weather conditions over most parts of the country - NiMet predicts northern states would experience dust haze - The agency also predicts early morning mist/fog is expected over the coastal cities The Nigerian Meteorological Agency (NiMet) has predicted thick dust haze weather conditions with reduced visibility over most parts of the country on Thursday, December 27. NiMet’s Weather Outlook on Wednesday, December 26, in Abuja, revealed that the central region of the country would record dust haze condition with visibility range of two to five kilometres throughout the day. It added that day and night temperatures of 27 degrees Celsius to 34 degrees Celsius and 10 degrees Celsius to 20 degrees Celsius, respectively, would prevail over the region. READ ALSO: Police reportedly arrest Badeh’s alleged killers The agency predicted that the northern states would experience dust haze with visibility range of two to fi...

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...

EDUPEDIA247

Search This Blog