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N606 billion Was Shared Among Nigerian Govt, States And local Councils For April.

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states Nigerian Govt allocation N606 billion local Councils

N606 billion Was Shared Among Nigerian Govt, States, And local Councils For April.

N606 billion was shared among Nigerian govt, states, and local councils on Friday as federal allocation for the month of April 2020.

At the end of the online meeting of the Federal Accounts Allocation Committee (FAAC) in Abuja, the details of the allocation were contained in a Secretariat report released by the office of the Accountant General of the Federation.

Mahmoud Isa-Dutse, the Permanent Secretary, Federal Ministry of Finance, Budget, and National planning presided the meeting.

The communique showed the allocation included revenue from the Value Added Tax (VAT) collection, Exchange Gain, Solid Mineral Revenue, Excess Bank Charges, and Excess Crude Oil Revenue.

The breakdown of the allocations showed the federal government received about N169.831 billion, the states N86.140 billion, local government councils N66.411 billion, while the oil-producing states received N32.895 billion as derivation (13 percent Mineral Revenue).

The report said the cost of collection for the Federal Inland Revenue Service (FIRS), Department of Petroleum Resources (DPR), and Nigeria Customs Service (NCS) Refund; as well as allocation to the North East Development Commission and Transfer to Excess Oil Revenue was N15.134 billion.

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The Federation Accounts Allocation Committee (FAAC) said the gross revenue available from the Value Added Tax (VAT) for the month was about N94.495 billion as against the N120.268 billion distributed in the preceding month, a decrease of about N25.772 billion.

The distribution showed the federal government got N13.182 billion, the states N43.941 billion, while local government councils got N30.758 billion.

The distributed Statutory Revenue of N370.411billion received for the month was lower than the N597.676 billion received for the previous month by about N227.265 billion.

This showed a predicted trajectory of decline in revenue accrual as a result of the continued ravaging impact of the coronavirus pandemic on the global economy, particularly the international crude oil market.

The communique also revealed that Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Import and Export Duties, Oil and Value Added Tax (VAT), all recorded decreases.

No details of the decreases were provided in the communique.

The total revenue distributable for the current month (including the cost of collection to NCS, DPR, and FIRS) according to the committee is N606.196 billion.

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Finance

Federal Government Set To Recover £200 Million Stolen Nigerian Funds From The U.S

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Federal Government Set To Recover £200 Million Stolen Nigerian Funds From The U.S

The house of representatives on Wednesday indicated its willingness to investigate the probable exclusion of river states from the list of states to benefit from the federal government’s borrowings.

The lower chamber is to probe the possible omission of the oil-rich state as a beneficiary of states earmarked for projects.

This is the sequel to a motion of urgent public importance by representative Solomon bob alleging that rivers is the only state out of the 36 states to be left out.

The lawmaker further alleged discrimination against rivers state which contributes enormously to the federation account.

The house has mandated its committee on aids and loans to liaise with the presidency to include rivers state in the loans if it is found to be the only state that has been excluded.

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The move by the house of reps is coming two days after the rivers state governor, nyesom wike described as an act of discrimination, the alleged refusal of the federal government to include rivers as one of the states that would benefit from projects, for which it was seeking fresh foreign loans to execute.

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Finance

Senate Passes The 2022-2024 Medium Term Expenditure And Fiscal Strategy Paper, Retains President Buhari’s Projections

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Senate Passes The 2022-2024 Medium Term Expenditure And Fiscal Strategy Paper, Retains President Buhari’s Projections

The Senate on Wednesday passed the 2022-2024 medium-term expenditure and fiscal strategy paper, retaining all the assumptions and projections submitted to it by the president, Muhammadu, in July 2021.

 

The red chamber retained the exchange rate of n410.15 per dollar proposed by the executive and also approved the projected gross domestic product growth rate of 4.20 percent.

 

The Senate retained the projected inflation rate of 13 percent fiscal deficit estimate of n5.62 trillion.

 

President Buhari’s projected new borrowings of n4.89 trillion, including foreign and domestic borrowing, were also retained and approved.

 

The $3.5 billion international monetary fund loan at the rate of 0.01 percent to 0.02 percent proposed by the president was also approved to shore up the internal borrowing and to reduce external borrowing because of the exchange rate risks.

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The senate further retained the federal government’s 2022 revenue projection of n8.36 trillion; and expenditure of n13.98 trillion among others.

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Import Index Grows by 1.07% Between April and June — NBS

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Import index grows by 1.07% between April and June — NBS

National Bureau of Statistics (NBS) says the all-commodity group import index grew marginally by 1.07 percent between April and June.
This, it disclosed on Wednesday in Abuja, in the “Commodity Price Indices and Terms of Trade for Quarter Two, 2021” published on its website.

According to the report, the growth was driven mainly by-products of the chemical and allied industries (1.40 percent), wood and articles of wood, wood charcoal and articles (1.37 percent), and paper-making material, paper and paperboard articles (1.23 percent).

The NBS also said that between April and May, the all-commodity group import price index grew marginally by 0.12 percent.
This, it said, was due to marginal increases in the index of products of the chemical and Allied industries (0.78 percent), wood and articles of wood, wood charcoal and articles (0.72 per cent), paper making material, paper and paperboard (0.44 percent).

The document said that the all-commodity group export index increased by 0.72 percent between April and June drove mainly by an increase in the prices of products of the chemical and allied industries (2.54 percent).
Others are plastic rubber and articles (0.85 percent) and mineral products (0.74 percent).

It, however, said that the index was negatively affected by live animals, animal products (-2.61 percent), vehicles, aircraft, and parts (-0.24 percent), and wood and articles of wood, wood charcoal, and articles (-0.23 percent).

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The NBS explained that Terms of Trade (TOT) represent the ratio between a country’s export prices and its import prices.

“The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.

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