• 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 FEDERAL ALLOCATION: F.G, States, L.G Share #299.747 Billion For The...
  • Economy

FEDERAL ALLOCATION: F.G, States, L.G Share #299.747 Billion For The Month Of March, 2016

By
K.n. Offie
-
April 22, 2016

coatThe Federal Government, State  Governments and Local Government Councils have shared a total of #299.747 Billion as Federal Allocation for the month of March, 2016.

A Communique released by the Federation Accounts Allocation Committee (FAAC) indicated that the Gross Revenue of #232.619 billion received for the month was lower than the #270.499 billion received in the previous month by #37.880 billion.


Shut -in and Shut down of Production for repairs and maintenance continued during the period under review, however, there was a slight increase in production of Crude Oil in December, 2015 but the resulting income was marginal due to a 10% drop in Crude Oil prices. The drop in the average price of Crude Oil from$43.40 in November to $39.04 in December,2015 resulted in a revenue loss of $22.55 million. Also, there was significant decline in incomes from Petroleum Profit Tax and Companies Income Tax.

Read Also:

  • Tinubu: Shuttle Diplomacy and the Power of Showing Up
  • MAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable Diseases
  • FutureMap Graduates Over 1,000 Students from STEAM Camp in Jigawa


The distributable Statutory Revenue for the month is #232.619billion. The sum of #6.330 billion was refunded by the NNPC to FGN. Also, there is exchange gain of #2.894 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is #299.747 billion.


The details of the Statutory Revenue distributable for the month of March, 2016 is as follow : Federal Government received #109.113billion (52.68%), States received #55.344billion ( 26.72%),  and the Local Government Councils received #42.668 billion (20.60%), while the Oil Producing States received #19.750 billion as (13% of Mineral Revenue – Oil & Gas).


Furthermore, for  the month of March, 2016, the gross revenue available for the Value Added Tax (VAT) was #64.234 billion as against #64.781billion distributed in the proceeding month, resulting in a decrease of #0.547 billion.


The breakdown of the Value Added Tax (VAT) distribution for the month is as follows : #64.234 billion out of which the Federal Government got #9.250 billion (15%), States got # 30.833 billion (50%) and the Local Government Councils received #21.583 billion (35%).

K.N. OFFIE
D.D (Press)

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
  • TAGS
  • Federal Government
  • State Governments and Local Government Councils
Previous articleUpdate: More Terrorists Killed as Civilian JTF loses Members
Next articleILO Affirms Support To FG Job Creation Drive
K.n. Offie
K.n. Offie
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

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

Sule Y. Sule @60: Celebrating a Master of Strategic Communication

Customs PR Workshop in Kano

Customs Opens PR Workshop in Kano, Tasks Officers on Integrity

CG Customs Bashir Adewale Adeniyi

Customs, MAN Renew Ties to Deepen Economic Collaboration

Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite at the Money20/20 Conference

Nigeria, Saudi Arabia Strengthen Economic Ties at Money20/20 Conference

Customs, FIRS, Stakeholders Deepen Push for Single Window Implementation

FG Unveils World-Class Centre to End Passport Backlogs

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Tinubu: Shuttle Diplomacy and the Power of Showing Up
  • MAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable Diseases
  • FutureMap Graduates Over 1,000 Students from STEAM Camp in Jigawa
  • Finally, Tinubu’s Embattled Minister Resigns Amid Certificate Scandal
  • Tinubu Confers National Honour on Outgoing INEC Chairman Mahmood Yakubu
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Tinubu: Shuttle Diplomacy and the Power of Showing UpMAAUN Public Health Students Host Seminar to Combat Drug Abuse and Preventable DiseasesFutureMap Graduates Over 1,000 Students from STEAM Camp in JigawaFinally, Tinubu's Embattled Minister Resigns Amid Certificate ScandalTinubu Confers National Honour on Outgoing INEC Chairman Mahmood YakubuArmy Partners Media to Tackle Fake News, Boost National SecurityBadaru Hails NAF’s Vision, Commissions New Headquarters Annex in AbujaJUST IN: INEC Boss Prof. Yakubu Hands Over Leadership to Acting ChairTroops Repel Terrorists Attacks in Borno, Launch Rescue Operation for Abducted VillagersCAN Refutes ‘Christian Genocide’ Claims, Says Violence in Nigeria Affects All FaithsAlleged Certificate Forgery: Why Uche Nnaji Must Resign or Get Fired ImmediatelyPantami Foundation Graduates 250 Gombe Youths in Tech, EntrepreneurshipTinubu Orders NAHCON to Reduce 2026 Hajj FaresSecurity Operatives Nab Influencers Over Defamatory Campaign Against Senator Shehu BubaArmy Dislodges Bandits in Taraba Forests Under Operation Lafiya Nakowa
X whatsapp