• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Economy FG, STATES AND LGC’S SHARE N370.388 Billion As Federal Allocation For The...
  • Economy

FG, STATES AND LGC’S SHARE N370.388 Billion As Federal Allocation For The Month Of January, 2016

By
K. N. Offie (mrs.)
-
February 25, 2016

coatFollowing the fall of Crude oil prices in the International market , the total revenue accruable to the Federation for distribution to the three tiers of Government has been affected. Consequently, a total of  N370,388 Billion was shared yesterday 23rd January 2016, as Federal Allocation for the month of January, 2016.

 The communiqué issued by the Accountant General of the Federation, Mr Ahmed Idris FCNA  at the end of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja, indicated that the Gross Revenue of N370,388 billion received for the month of January, is lower by N17,383 when compared with the N387,771 billion distributed in the month of December 2015.

Read Also:

  • After Katarko Clash, Troops Neutralize 10 Terrorists in Gamboru–Dikwa Operation
  • African Ambassador Demands Urgent Industrialization to End Poverty
  • Christian Genocide and the Dangers of Mischaracterisation By Femi Fani-Kayode

The shortfall is attributed to revenue loss of $22.55m arising from drop in average price of Crude oil from $43.40 in the month of November to $39.04 in the month of December, as well as shut down and shut-in of production due to repairs and maintenance of terminals during the month.
  
Speaking further on the shortfall, Minister of Finance, Mrs. Kemi Adeosun, while addressing the Media after the meeting, said that meeting Nigeria National Petroleum Corporation (NNPC)  cash call obligation to its Joint venture partners had further reduced the money available for sharing among the tiers of government.  She revealed that NNPC is already working out modalities of introducing modified carry arrangement to reduce the further depletion of the amount available for sharing by Federation pending when the situation on the oil market improves.

Accordingly, the breakdown of  amount shared include N290.961 Billion  from Mineral and Non- mineral Revenue; Value Added Tax of N69.719 billion which also was higher by N7,648 billion when compared with the N62.071 billion shared the previous month;  Exchange gain of N3.378 billion and  N6.330 billion refunded to the Federal Government by Nigerian National Petroleum Corporation( NNPC).

However, details of the Statutory revenue distributed for the month of January stand as  follows:  Federal Government received N137.473 billion (52.68%); States received N69.728 billion (26.72%); Local Government Councils received N53.757 billion (20.60%); while the Oil Producing States received N22.380 billion as 13% derivation revenue. 

In addition, the breakdown of the Value Added Tax (VAT) distribution for the month include: N10.040 billion (15%); States N33.465 billion (50%) while the Local Government Councils got N23.426 billion (35%).

END


> K.N. OFFIE Mrs
>  DD PRESS, OAGF

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
Previous articleTroops Thwart Boko Haram’s Attempt on Dikwa
Next articleOur Focus Is To Create A Solid, Enduring Partnership For Niger Delta Development, Says Uguru
K. N. Offie (mrs.)
K. N. Offie (mrs.)
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Unlocking Nigeria’s Fiscal Future Through Tax Reform By Abdullateef M Awal

Nigerian Youths

Empowering Nigerian Youth in Building a Climate-Resilient Future By Mustapha Abdulganiyu

Nigeria’s Removal from FATF Grey List, a Major Milestone in Economic Reform – Tinubu

L-R: Partner Seismic Consultant, Dr Olusoji Adeniyi; Senior Special Assistant to the President on Entrepreneurship Development, Chalya Shagaya; Founder of Women Enterprise alliance (WenA), Her Excellency Hajia Aisha Babangida; Head Fiscal and Tax Reforms Implementation FIRS, Olufemi Olarinde; during the 5th WenA Conference in Abuja.

Aisha Babangida Seeks Actionable Gender Reforms, as Women Entrepreneurs Share ₦10m WenA Awards

CG Customs Bashir Adewale Adeniyi

Customs Tasks New Comptrollers on Discipline, Innovation

Nigeria Customs Service Warns Public Against Fake Recruitment Shortlist

Aliko Dangote

FG Brokers Truce in Dangote–PENGASSAN Dispute

Governor Abba Kabir Yusuf, Kano State

Gov Yusuf Launches N800m Youth Empowerment Scheme in Kano

Customs Pledges Stronger CSR, Assures Support for Sister Agencies

CG Customs Bashir Adewale Adeniyi

Customs Launches One-Stop-Shop, Targets 48-Hour Cargo Clearance

L-R: Director at the Security Exchange Commission (SEC), Mr Abdukadir Abbas; CEO of CANAG Communications, Senator Iroegbu; Founder of WANA Foundation, Hajia Aisha Babangida; Managing Partner of Metropolitan Law Firm, Hajia Ummahani Ahmad Amin; Associate Director at First Trustees, Mr Abimbola Ajinibi, during the 7th African International Conference on Islamic Finance (AICIF) Pitch Competition in Abuja…Yesterday PHOTO KINGSLEY ADEBOYE

20 Startups Vie for N5m Grants in Africa’s Leading Islamic Finance Pitch Challenge

Zaccheus Adedeji FIRS Chairman

FIRS Urges Citizens to Embrace Voluntary Tax Compliance for National Development

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • After Katarko Clash, Troops Neutralize 10 Terrorists in Gamboru–Dikwa Operation
  • African Ambassador Demands Urgent Industrialization to End Poverty
  • Christian Genocide and the Dangers of Mischaracterisation By Femi Fani-Kayode
  • PRNigeria Inducts New Fellows in Ilorin After Staff Kidnapping Ordeal
  • NUC Approves 13 New Degree Programmes for Nigerian Universities
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
After Katarko Clash, Troops Neutralize 10 Terrorists in Gamboru–Dikwa OperationAfrican Ambassador Demands Urgent Industrialization to End PovertyChristian Genocide and the Dangers of Mischaracterisation By Femi Fani-KayodePRNigeria Inducts New Fellows in Ilorin After Staff Kidnapping OrdealNUC Approves 13 New Degree Programmes for Nigerian UniversitiesOn Kwara’s Silent Crisis By Aromaradu S. SalihuBeyond the Rain: Nigerian Farmers Reimagine Survival in a Climate of Change" By Shakirudeen AbdulazeezUnlocking Nigeria’s Fiscal Future Through Tax Reform By Abdullateef M AwalEmpowering Nigerian Youth in Building a Climate-Resilient Future By Mustapha AbdulganiyuNigeria’s Painful Path from Policy to Prosperity By Shukurat T. IbrahimMilitary Repels ISWAP Fighters in Gamboru NgalaFCT Police Clamp Down on Criminal Hideouts, Arrest 62 SuspectsKano Police Arrest 2 Suspected Bandits, Move to Resolve Herders-Farmers Clash in MakodaCommunication is National Security, Not Just Media Work – NIPR PresidentCustoms Hands Over N562 Million Worth of Seized Drugs to NDLEA, Arrests Suspect in Lagos
X whatsapp