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FG, States, LGs shared N769.5 billion allocation in July  

The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.5 billion from the Federation Account to the three tiers of government in July 2019.

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President Buhari appoints 9 Chief Executives for government agencies, Nigerian British firm, Bail-Out Fund: FG deducts N122 billion from states’ account in 7-months [Full-List] , JUST IN: Buhari submits 2020 MTEF to Senate , FG to intervene in tech operation as lockdown causes chaos in tech market

The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.5 billion from the Federation Account to the three tiers of government in July 2019. This was disclosed in a communique issued by FAAC at the end of the meeting held in Abuja on Thursday. 

According to the FAAC report, the N769.5 disbursed in July 2019 is 6.9 billion higher than the disbursement shared among the three tiers in June 2019 (N762.6 billion).   

The breakdown: The gross statutory revenue of N674.365 billion received for July is higher than the N652.949 billion received in the previous month. This means the gross statutory allocation received rose by N21.416 billion.  

The amount disbursed comprises of N652.949 billion from the Statutory Account and N94.159 billion from Value-Added Tax (VAT) collected.

FAAC Small and Medium Enterprises

[READ MORE: FG vows to prosecute Nigerians linked with $9 billion UK Judgement]

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FG received the lion share: Further breakdown shows that from the net statutory revenue, the Federal Government got N299.799 billion, representing 38.9% of the total gross allocation in July. 

  • States governments received N190.381 billion or 24.7% while the local governments got N143.569 billion and this represents 18.6% of the total. 
  • Oil-producing states received N42.917 billion as 13% derivation revenue while Department of Petroleum Resources (DPR), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS) received N92.857 billion as cost of revenue collection. 
  • Federal Government received N285.767 billion, states received N144.945 billion and local councils received N111.746 billion of the N674.365 billion statutory revenue. 
  • Also from the N94.159 billion VAT revenue, Federal Government received N13.559 billion, states received N45.197 billion and the 774 local government councils received N31.638 billion while the revenue-generating agencies received N3.766 billion.
  • Meanwhile, balance in the excess crude account as at Thursday was $274.407 million. 

Upshots: Earlier in the month, there were indications that state governors in Nigeria might request for 42% share of the total federal allocation. Also, the Federal Government is finalising plans to inaugurate the Revenue Allocation Review Committee in the coming week. 

According to a source, state governors are planning to revert and adopt the recommendation of an earlier report submitted by a sub-committee previously set up in 2011, to demand 42% of the federal allocation as against the 26.72% they currently get. 

This becomes necessary as concerns over rising debt accruable to some states is seriously eating up into the allocation to the affected states. While debt is building up, only a few states in Nigeria have enough Internally Generated Revenue to spur economic activities without the Federal Government’s monthly allocation. 

More trouble: After yesterday’s meeting, it was learnt that the Federal Government had set up a committee which comprises the Central Bank and the Ministry of Finance to recover the N614 billion bailout funds given to states.  

The Vice President, Professor Yomi Osinbajo had previously spoken on how the current administration had in the last three years gave out close to N1.1trillion to states through loans, bailouts and Paris Club refunds. 

To this effect, trouble may be building for states as the Federal Government may pounce on their monthly allocation to recover its funds. This may, in turn, cause a huge set back to several states. 

[READ MORE: FG goes tough on 35 States, to recover N614 billion bail-out fund]

 

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Coronavirus

COVID-19 Update in Nigeria

On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 56,956 confirmed cases.

On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.

To date, 56,956 cases have been confirmed, 48,305 cases have been discharged and 1,094 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321  tests have been carried out as of September 18th, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 18th September 2020,

  • Total Number of Cases – 56,956
  • Total Number Discharged – 48,305
  • Total Deaths – 1,094
  • Total Tests Carried out – 482,321

According to the NCDC, the 221 new cases were reported from 18 states- Lagos (59), Abia (46), FCT (22), Gombe (20), Plateau (17), Rivers (11), Bauchi (7), Benue (6), Ekiti (6), Imo (6), Kaduna (4), Kwara (4), Ondo (4), Ogun (3), Osun (3), Bayelsa (1), Edo (1), Kano (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,827, followed by Abuja (5,526), Oyo (3,226), Plateau (3,192), Edo (2,611), Kaduna (2,326), Rivers (2,220), Delta (1,799), Ogun (1,758), Kano (1,734), Ondo (1,594), Enugu (1,234), Ebonyi (1,035), Kwara (1,013), Abia (881), Katsina (845), Osun (810), Gombe (799), Borno (741), and Bauchi (689).

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Imo State has recorded 557 cases, Benue (473), Nasarawa (447), Bayelsa (394),  Jigawa (322), Ekiti (313), Akwa Ibom (288), Niger (250), Anambra (232), Adamawa (230), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (73), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Business

BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

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NNPC reacts to Lagos pipeline explosion

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

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He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

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Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

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In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

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