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Friday, 21 October 2016

You Will Be Shocked At What Federal Government Loses To Oil Vandals This Month

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The revenue allocation to federal, states and local governments for September dropped by about N90.27 billion, as they shared a total of N420 billion for the month.
About N510.2 billion was shared at the Federation Account Allocation Committee (FAAC) meeting in August.

The permanent secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, said the total revenue available for distribution for the month was N420 billion.
Details of the allocations showed that about N120.351 billion was disbursed as statutory share to the federal government, N61.044 billion to the state governments, while local governments received N47.062 billion. The mineral producing states got N13.729 billion.
In addition, the three tiers of government shared a total of N61.694 billion from VAT with the federal government receiving N9.254 billion; state governments, N30.847 billion and local governments, N21.593 billion.
Apart from the disbursements, the permanent secretary said the Excess crude oil revenue Account has a balance of $2.454 billion.
He was optimistic Nigeria’s potential for growth remained positive in view of the recent pronouncement by the International Monetary Fund (IMF) that the country’s economy was now larger than South Africa’s.
“This will make us a major destination for investors and it shows that Nigeria is on the path of growth,” Mr. Dutse said.
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