Nigerian govt, states, LGs share N532.7 billion in October

President Buhari with APC Governors
President Buhari with APC Governors

The Federal, States and Local Government in October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.

The Permanent Secretary of the Ministry, Mahmoud Isa-Dutse, said this on Thursday in Abuja while briefing journalists on the outcome of the monthly Federal Account Allocation Committee, FAAC.

Mr. Isa-Dutse attributed the decline to the decrease in revenue from export sales of $42.94 million due to a decrease in crude oil production by 1.25 million barrels.

He said even though the average price of crude oil increased from $46.29 per barrel to $48.66 per barrel, it was not enough to make up for the loss in production.

“Some of the issues that impacted negatively on crude oil production were attributed to ageing facilities which resulted to shut-ins and shut-downs of pipelines at various terminals for repairs and maintenance.

“Petroleum Profit Tax increased significantly while Import Duty and Value Added Tax improved only significantly.

“Companies Income Tax and Oil Royalty recorded slight decreases in the month under review,” he said.

In summary, Mr. Isa-Dutse said after deductions as cost of collection by FIRS, Customs and DPR, the federal government received N205.7 billion, representing 52.68 per cent; states and N104.3 billion, representing 26.72 per cent.

The local governments, he said, received N80.4 billion, amounting to 20.60 per cent of the amount distributed.

Mr. Isa-Dutse announced that N40.8 billion representing 13 per cent derivation revenue was also shared among the oil producing states.

He said that the country generated N317.2 billion as mineral revenue and N124.4 billion as non-mineral revenue.

He said this showed an increase of N41.6 billion from what the country generated as mineral revenue and a decrease of N23.5 billion in non-mineral revenue from what was generated in the month of September.

Meanwhile the Chairman, Commissioners of Finance Forum, Mahmoud Yunusa, has apologised for the lateness in holding the meeting, which was supposed to have taken place on November 23.

He said the meeting was cancelled by the state governors due to discrepancies found in revenue figures presented by some of the revenue generating agencies.

Mr. Yunusa confirmed that the NNPC had increased what they had initially presented to FAAC as what they had generated after the states showed their displeasure.

He said that to avoid such occurrence, the states as a major stakeholder in NNPC, would henceforth keep “an eagle eye on the affairs of the NNPC”.

“Going forward we will be fully involved in what the NNPC does to avoid this kind of errors in future. We will scrutinise their books,” he said.

(NAN)


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  • Okokondem

    How sustainable is this money sharing scheme that doesn’t translate into any tangible results…no power, no water supply, no infrastructure, no jobs for the teaming youth, salaries often don’t get paid, etc. Yet every month these people gather to share money. Even the word ‘share’ used in the context of funds allocation has negative connotations.

  • Hinds Peter

    To say that Jesus was a murderer is heresy.The bible clearly tells us that it was Barabas that was.”The thief and a Murderer”.What type of theology is this.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    You buy one of the white man’s car.You are lucky if it lasts 10 years.The pyramids were there 3000 years.The white man is a thief a murderer and a liar.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    If blacks so want to be with whites they can start to give Florida Puerto Rico and other nations destroyed by hurricanes the billions they need to rebuild.Go on Negros.Put your money where your mouth is.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    The white man is not a murderer.Who executes a person every Wednesday in the United States.No the white man is one of Mary’s lambs.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    All the white man is.Is a wolf in lamb’s clothing.And he is tethered.Peter Carlos Hinds.Commander.Barbados.

  • Hinds Peter

    If you do not understand yet.Government is run by people who complete projects.And pocket some of the money allocated for those projects.Peter Carlos Hinds.Commander.Barbados.

  • Oforleta Chibuzor Vic

    If we don’t do anything about this unitary system of federalism being practised in Nigeria, we’ll soon hit the rock. This is why most states are not economically viable. Always going to Abuja to collect handout at the end of the month.

  • Nnamdi Ugwuadu

    If Nigerian people are so daft that they cannot identify why their leaders are corrupt and not making economic head way, this is one of the reasons why Nigeria is a backward nation. This system of government where governors and LGA chairmen run to Abuja every month to share free money is so disgusting. By this system of government, laziness is encouraged, corruption cannot be eradicated no matter what. We need to restructure this country so that every state can grow at her own pace. Allow states to generate and distribute their own resource as this will bring employment to our timid population. We are good at comparing ourselves with the western world but we cannot emulate what true federalism is all about. If we remain in this system of government our next five years will be a disaster.