• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
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
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

      WTO Lauds Nigeria Customs for Embracing Global Trade Standards

  • National
    • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Tinubu conference centre generates N700m in 3 weeks – Wike

      Police Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim

      Multichoice logo

      NDPC Fines MultiChoice ₦766m for Data Protection Breach in Nigeria

      Abdullahi Aliyu Maiwada

      Customs Debunks Fake CBT Recruitment Shortlist Circulating Online

    • Government
      • Tinubu conference centre generates N700m in 3 weeks – Wike

        Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

        MUSWEN Muslim Ummah of South West

        MUSWEN Renews Call for Shariah Courts to Regulate Affairs of Muslims

        Corporate Affairs Commission

        CAC Unveils AI-Powered Registration Portal to Revolutionize Business Registration in Nigeria

        Employment: ICPC Secures Conviction of FAAN Staff

  • Security
    • Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Police Officer

      Police rescue 19 Ghanaians from human traffickers in Oyo

      Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      Police Officer

      Anambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover…

  • Features
    • From SDP to ADA to ADC: Can the New Opposition Coalition…

      Bashir Adewale Adeniyi MFR

      Adeniyi: Lifting Nigeria to the Pinnacle of Global Customs Authority

      Nigeria’s Growth Numbers Tell Only Half the Story By Umar Farouk…

      NYSC Corps Members in Camp

      The Burden Too Many Nigerian Youths Bear Alone

      Combating Deepfake Videos: A Fight for Nigeria’s Soul By Mukhtar Ya’u…

  • State
    • Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Police Officer

      Police rescue 19 Ghanaians from human traffickers in Oyo

      Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

      NDLEA Logo

      NDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests…

  • Event
    • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

      NELFUND

      NELFUND Warns Students Against Fake Loan Application Portal

    • PR Nigeria Award
  • E-Paper
Home Economy FAAC Shares N281bn to FG, States and LGs
  • Economy

FAAC Shares N281bn to FG, States and LGs

By
Kene Offie
-
May 26, 2016
PRNigeria logo fearured image
coatThe Federal Government, State  Governments and Local Government Councils received a net statutory allocation of N207.878 Billion as Federal Allocation for the month of April, 2016 which was shared among the three tiers of government as follows:  Federal Government 52.68%, States 26.72%, Local government 20.60% and 13% derivation of Mineral Revenue for oil producing states.
A Communique released by the Federation Accounts Allocation Committee (FAAC) and signed by the Accountant-General of the Federation,Alhaji Ahmed Idris  indicated that the GROSS REVENUE  of N213.817 billion received for the month was lower than the N232.619 billion received in the previous month by #18.802 billion.
Oil Production increased slightly between December, 2015 and January, 2016 despite explosions at Escravos Terminal, Force Majeure declared at Brass Terminal as well as Shut -in and Shut down of Pipelines at other Terminals for repairs and maintenance. However, there was revenue loss of $45.90 million as a result of drop in average price of Crude Oil from $39.04 in December,2015 to $29.02 in January, 2016. Also, a marginal drop in income was recorded from Oil and Gas Royalty and Import Duty.
The distributable Statutory Revenue for the month is N213.817billion. The sum of #6.330 billion was refunded by the NNPC to FGN. Also, there is exchange gain of N2.424billion which was also proposed for distribution. The total revenue distributable for the current month (including VAT) is N281.500 billion.
The details of the Statutory Revenue distributable for the month of March, 2016 is as follow : Federal Government received N101.215 billion (52.68%), States received N51.338 billion ( 26.72%),  and the Local Government Councils received N39.579 billion (20.60%), while the Oil Producing States received N15.745 billion as (13% of Mineral Revenue – Oil and Gas).
Furthermore, for  the month of April, 2016, the gross revenue available for the Value Added Tax (VAT) was N65.259 billion as against N64.234 billion distributed in the proceeding month, resulting in a decrease of N1.025 billion.
The breakdown of the Value Added Tax (VAT) distribution for the month is as follows : N65.259 billion out of which the Federal Government got N9.397 billion (15%), States got N31.325 billion (50%) and the Local Government Councils received N21.927 billion (35%).
Kene OFFIE
Head of Press and Public Relations
Office of the Accountant BGeneral of the Federation
Abuja
25th  May, 2016.

 

PRNigeria encourages institutions to be transparent in their information management as it provides news items from authoritative sources for free use by the media
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 articleHajj Agent Bags Six Year Jail Term for N1.5m Fraud
Next articleFG. Calls For Solidarity Between Member Countries Of Niger Basin Authority
Kene Offie
Kene 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

Comptroller General Nigerian Customs Bashir Adewale

Nigeria Customs, ICPC and the Audit of Conscience

Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

Comptroller General Nigerian Customs Bashir Adewale

Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO Chair

WTO Lauds Nigeria Customs for Embracing Global Trade Standards

Nigeria, Rwanda Sign Landmark Tax Treaty to Boost Cross-Border Investment

Bashir Adewale Adeniyi MFR

Nigeria Customs, India Forge Deeper Bond on Trade Oversight

Managing Editor of Image Merchants, Mr Abdulrahman Abdulraheem, PR Expert, Celestine Achi and the Editor-in-chief, Yushau Shuaib presenting the book to PRNigeria center

PRNigeria Commends New Book on Artificial Intelligence in Public Relations

Nigeria Customs, ICPC Strengthen Anti-Corruption Collaboration

FG, States, LGAs Share N1.659trn Revenue in May 2025 – FAAC

DG NIPSS Ayo Omotola and Yushau A. Shuaib of PRNigeria

PRNigeria Founder Demands ₦1bn, Reinstatement in Legal Notice to NIPSS Over “Unjust Withdrawal”

PRNigeria Fellows and CEO IMPR Yushau A Shuaib

PRNigeria Fellows Express Solidarity with Publisher Over NIPSS Ordeal

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu
  • 58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State Government
  • Tinubu conference centre generates N700m in 3 weeks – Wike
  • Police rescue 19 Ghanaians from human traffickers in Oyo
  • Soldiers, forest guards to tackle insecurity in Kwara State
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State GovernmentTinubu conference centre generates N700m in 3 weeks – WikePolice rescue 19 Ghanaians from human traffickers in OyoSoldiers, forest guards to tackle insecurity in Kwara StateAnambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover Goods Worth N9.5mPolice Arrest 43 Illegal Immigrants, Human Traffickers, Rescue VictimNDPC Fines MultiChoice ₦766m for Data Protection Breach in NigeriaCustoms Debunks Fake CBT Recruitment Shortlist Circulating OnlineNDLEA Intercepts UK, Saudi-Bond Cocaine Hidden in Lipsticks in Lagos, Arrests Other SuspectsFrom SDP to ADA to ADC: Can the New Opposition Coalition Unseat Tinubu in 2027?IGP Egbetokun Mourns Retired AIG Liman ShettimaNAF Hosts Nationwide Parley to Honour Veterans’ Courage, SacrificeCybercrime Allegation: PRNigeria Petitions Police Against NIPSS Officials‎FACT-CHECK: Was a Man Trapped in Ceiling after Trying to Hack FCMB Bank?
X whatsapp