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The three tiers of government in Nigeria shared N620.65 billion ($3.9 billion) in May
| June 22, 2013
At the recently concluded Federation Account Allocation Committee (FAAC) meeting, N620.65 billion ($3.9billion) was shared amongst the three tiers of government - the federal government, the 36 states, and the local governments - for the May allocations. The chairman of the FAAC, the minister of state for finance, Dr Yerima Lawan Ngama, spoke to journalists and satd that N156 billion in controversial February arrears, which was due to the states, was also included in the May allocations. He also said that the proceeds from oll had dropped by N30bn. Gross revenue for May was N590.77billion, while gross revenue for the previous month was N621.07 billion. The FAAC chairman explained that the gap was “due to a drop in crude oil production and lifting operations, the Force Majeure declared at Bonny Terminal and continued theft and vandalism of oil products and infrastructure” For the month of May, N502.617 billion was shared as statutory allocation and the federal government received N235.778 billion, the 36 states received N119.590 billion and the local governments got N92.199 billion after the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS) had made their deductions. N74.873 billion was allocated from Value Added Tax (VAT) proceeds, N35.549 billion from SURE-P proceeds and N7.617 billion from monthly refund made by the Nigeria National Petroleum Corporation (NNPC). N48.874 billion was also allocated to the oil producing states as 13 per cent derivation.

(3) Comment


"The views and opinions expressed in these comment(s) or article(s) do not necessarily reflect the views or opinions of NGEX, its partners or its affiliates."
Admin    ., .    June 23, 2013
Admin Note: Bugsy, you assume that all the allocation that was shared only came from proceeds from oll, what about the proceeds from Value Added Tax (VAT), SURE-P, NNPC refunds, etc?
OMOTAYO, J. A.    Lagos, NIGERIA    June 23, 2013
Mathematics or no Mathematics, let us visit history for a better understanding. In 1998, the total annual national budget was about N230 billion. That amount included provisions for NITEL, PTF, Debt Repayment, etc. In 1999, the national budget including cost of political transition, completion of NASS quarters and remunerations, etc was N300.4 billion.

What joy is there now that about twice the national budget is shared monthly when the federal government has become less responsible? No NITEL, PTF, Debt repayment but more borrowing, etc. The truth is that tomorrow's food is being shared today in pursuit of fantasies. No savings for tomorrow. The future of the young and yet to be born is being compromised by a greedy political elite irrespective of political parties.!

God save Nigeria.
Bugsy Demola    Abuja, Nigeria    June 22, 2013
These numbers don't add up. I think the writer did us some disservice. If you shared 620+ and subtract 156 and still end up with 500+. Confusing math you would say.
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