Skip to main content

FG, STATEs, LGs share 695.03 billion

Federal government of Nigeria, thirty-six state governments and seven hundred and seventy-four local government area have shared the sum of  N695.03 billion as revenue for the month of February as the Nigerian National Petroleum Corporation (NNPC) plan to deduce N242.53 billion for subsidy.

Mr. Olajide Oshundun, The Federation Account Allocation Committee Director of Information disclosed this in a communique in a virtual conference on Tuesday. 

Inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Non-Mineral Revenues and Excess Bank charges, the Federal Government received N236.177 billion, states government received N190.007 billion, and the Local Government Councils got N140.612 billion.

Oil-producing states received N23.750 billion as derivation (13% of Mineral Revenue) and Cost of Collection received N23.989 billion and Transfer/ Refunds got N80.498 billion.

From the Value Added Tax (VAT) Oshundun noted that 177.873 billion Gross Domestic Revenue was generated in the month of February. 

The distribution follows thus: Federal Government got N24.845 billion, the states received N82.818 billion, Local Government Councils got N57.972 billion, while Cost of Collection to FIRS and NCS got N7.115 billion and Allocation to NEDC project received N5.123 billion.

“The distributed Statutory Revenue of N429.681billion, received for the month was higher than the sum of N396.432 billion received in the previous month by N33.249billion, from which the Federal Government was allocated the sum of N165.248 billion, states got N83.816 billion, LGCs got N64.618 billion, Derivation (13% Mineral Revenue) got N23.750 billion and Cost of Collection received N16.874, while Transfers and Refund got N75.375billion,” the communique stated.

It was further disclosed that total revenue distributable for the current month was drawn from Statutory Revenue of N429.641billion, Value Added Tax (VAT) of N177.873 billion, Excess Bank Charges Recovered of N7.479 and Non-Mineral Revenues of N80.000billion.

The balance in the Excess Crude Account as at 22nd March 2022 stands at $35.371million.




Comments

Post a Comment

Popular posts from this blog

Biden announces free internet for millions of Americans

  President Biden announced Monday that his administration has reached an agreement with 20 internet providers — including AT&T, Comcast, and Verizon — to provide discounted high-speed internet service to low-income Americans, The Washington Post reports. "Over the last few months, my administration has worked closely with internet providers — this is a case where big business stepped up — urging them to cut their prices and raise their speeds. I'm trying to get others to do the same thing with inflation, but these guys are the best," Biden said in the Rose Garden on Monday, drawing laughs with the last line. Biden has repeatedly blamed high inflation rates on corporate greed. "So now," he continued, "families who are eligible can select a plan from a participating provider and receive high-speed internet at no cost in most cases." The plan will cover some 48 million households and, when combined with existing federal subsidies, make internet servi...
Post a Comment
Read more

Obiano regain freedom after five days in EFCC net.

Willie Obiano  The former governor of Anambra state, Willie Obiano, has been granted bail by the Economic and Financial Crime Commission - EFCC, Abdulrasheed Bawa, the Chairman of the commission has disclosed. Obiano was arrested Thursday at the Murtala Muhammed International Airport, Lagos State,  while attempting to leave for the United States after handing over to his successor, Prof. Chukwuma Soludo. The ex governor has long been at the custody of EFCC for alleged  N42 billion fraud. Bawa, speaking at the sideline of the 5th Annual General Assembly meeting of the Network of National Anti-Corruption Institutions in West Africa in Abuja, Monday, explained that the anti-corruption agency was waiting for the ex governor to meet his bail conditions. The EFCC boss explained that the arrest of Obiano was not political when queued with question why the ex governor has been in the EFCC net beyond the period allowed by the constitution. “Nothing political about the arrest of th...
Post a Comment
Read more

Akwa Ibom State Governor Sacks Chief Of Staff

The Akwa Ibom State Governor, Udom Emmanuel has sacked his Chief of Staff, Akparawa Ephraim Inyang-eyen. The former commissioner of works was relieved of duties Tuesday in a letter made available to newsmen and signed by the secretary to the state government, Dr. Emmanuel Ekuwem. According to the letter, Inyang-eyen who hails from Onna, the local government of the state governor was relieved of duties due to the urgent need for competence. "SSG/AKS/S/200/VOL.1/406 22 February, 2022 Akparawa Ephraim Inyang-eyen, Office of the Chief of Staff to Governor,  Governor's Office Complex, 1 Wellington Bassey Way, Uyo  Dear Sir,  APPRECIATION OF YOUR SERVICE  On behalf of His Excellency, the Governor, government and the good people of Akwa Ibom State, I write to convey to you His Excellency, the Governor’s profound appreciation of the worthy contributions you made to the development of our dear State while you served as Chief of Staff to the Governor. However, given the urgent...
Post a Comment
Read more