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  • FAAC: FG, States, LGs Share N770.8bn for August

    From Jonas Ike, Abuja

    The Federal Account Allocation Committee (FAAC) on Thursday in Abuja at its meeting, shared to the Federal Government, States and Local Government Councils a sum total of N740.880 billion as federal allocation for the month of August 2019.

    From this amount, the Federal Government received N301.804 billion, representing 52.68 per cent, the States received N188.925 billion representing 26.72 per cent and Local government councils got N142.654 billion, representing 20.60 per cent, while the oil producing states received N43.513 billion as 13 per cent derivation revenue.

    However, cost of collection/Transfers/ FIRS, refund was N43.984 billion.

    A communiqué issued by the FAAC indicated that the Gross Revenue available from the Value Added Tax (VAT) for August 2019 was N88.082 billion as against the N94.159 billion distributed in the previous month of July, 2019, resulting in a decrease of N6.077 billion.

    The distributed Statutory Revenue of N631.796 billion received for the month of August was lower than the N674.365 billion received in the previous month by N42.569 billion.

    The communiqué further disclosed that, revenues from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased considerably, while Value Added Tax (VAT), Royalties, Import and Excise duties recorded decreases.

    However, additional N20 billion from the Forex Equalization Account shall be shared accordingly among the three tiers of government, which brings the total distributable revenue to N740.880 billion.

    Furthermore, the committee stated that as at August 19th, 2019, the Excess Crude Account (ECA) is $328.122m.

  • APC under me uprooted Saraki, Nigeria's smartest political player – Oshiomhole

    APC under me uprooted Saraki, Nigeria's smartest political player – Oshiomhole

    *Buhari magnanimous to pick ministerial nominees from states that gave less than five per cent votes*

    National Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole, has described former President of the Senate, Dr. Bukola Saraki as a “smartest political player, seasoned smart guy.”

    He explained how it took his party patience and perseverance to shut out Saraki from politics at both national and local levels.

    He said: “Remember, I was saying that Saraki must be removed, people would say how would I do it? I said okay if he resists removal then we would uproot. We went to Kwara, we did Otoge, we uprooted Saraki and you cannot commend me for this? You know who Saraki is?

    “If you are talking of the smartest political player, seasoned smart guy, he is. But for every smartness he has, I have a superior smartness. At the end of the day, who won? As a Senate President, we uprooted him as senator, we uprooted his nominee for governor, and senators, we put our own.”

    The APC national Chairman explained that the former President of the Senate as of today has failed to produce any politician in the Senate and at the state level.

    According to him, “Today, he doesn’t have one senator in Kwara, he doesn’t have one House of Representatives member in Kwara. Everything in Kwara is APC and you can’t commend me for that? If you don’t, then I will be like the lizard – I will praise myself if newsmen don’t praise me.”

    Meanwhile, Oshiomhole has urged Nigerians to mount pressure on President Muhammadu Buhari and his government to deliver in the second term.

    The APC chairman, who stated this yesterday while briefing State House Correspondents after his meeting with President Buhari at the Presidential Villa, Abuja said all parts of the country have been patronized, so far, in the selection of ministers for the next Federal Executive Council (FEC).

    According to the APC chairman, the team of ministers would definitely perform to support President Buhari in delivering the good to Nigerians.

    He said: “I am very optimistic that these ministers coming with all of us working together, the party, the executive which the ministers belong and the National Assembly where we have overwhelming majority, we have what it takes to take Nigeria to the next level and the next level we are going there.

    “So, what you and I should insist on is that in the president’s second term, in this next level, our party, our government at the centre, state and local government level must deliver.”

    The APC chairman stated that President Buhari has succeeded in patronizing all sections of the country through the list of ministerial nominees sent to the National Assembly for confirmation.

    Oshiomhole noted that in selecting the nominees for the second term cabinet, Buhari picked two candidates from even a state that gave him less than five per cent votes in the 2019 presidential election.

    The APC boss’ comment is coming on the heels of criticisms that have trailed the list regarding the personality of those nominated by President Buhari for membership of the next FEC. Some Nigerians have faulted the President for failing to include technocrats in the next cabinet.

    Responding to those who described the list as an exercise of political patronage, Oshiomhole said: “Patronage can be positive or negative. But if there is one man who has shown the capacity to patronize all, including where he did not win election, it is President Buhari.

    “Otherwise, where we got less than five per cent, I saw two ministers coming from that state. That speaks volumes about a large heart, to accommodate, appreciate and to have an all-inclusive government.”

  • FG, States, Local councils share N762.597b for June

    FG, States, Local councils share N762.597b for June

    The three tiers of government – federal, 36 states and 774 local government areas on Thursday shared N762.597 a allocation from the Federation Account for the month of June.
    The Communique issued by the Technical sub-Committee of Federation Accounts Allocation Committee (FAAC) and signed by the Accountant-General of the Federation at the end of the meeting held in Abuja on Thursday, indicated that the gross statutory revenue of N652.949 billion received for the month was higher than the N571.731 billion received in the previous month by N81.218 billion.
    According to the communique, the Revenue from Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly. The Value Added Tax (VAT) also increased marginally while royalties, import and Excise duties decreased considerably.
    At the end of the FAAC meeting, the total revenue distributable for the current month (including VAT and Exchange Gain) was put at N762.597 billion.
    The shared amount comprise the month’s Statutory distributable revenue of N652.949 billion, the gross revenue available from the Value Added Tax (VAT) is N108.631 billion as against N106.826 billion distributed in the preceding month, resulting in an increase of N1.805 billion.
    From the net statutory revenue, the Federal Government got N309.433 billion representing (52.68 per cent); states governments received N201.157 billion (26.72 per cent); local government councils got N151.384 billion representing (20.60 per cent), while the oil producing states received N38.705 billion (35%) as 13% derivation revenue.
    From the revenue available from the VAT, the Federal Government received N15.643 billion (15per cent), states got N52.143 billion (50 per cent) and the local government councils received N36.500 billion (35 per cent).
    Consequently the total revenue distributable for the month of June, including the VAT, stood at N762.597 billion.
    The Excess Crude balance was put at $111.204 million.

  • FG, States, LGAs share N679.699bn in May

    FG, States, LGAs share N679.699bn in May

    A total of N679.699 billion has been distributed as Federal Allocation for the month of May, 2019 between the Federal Government, State Governments and Local Government Councils.

    The communiqué issued by the Technical sub -Committee of Federation Accounts Allocation Committee (FAAC) at the joint session held at the African House of the Kano State Government House after the 3rd Treasury Workshop and read by the Accountant General of the Federation (AGF), Ahmed ldris, said, that the Gross statutory revenue received is N571.731 billion which is higher than the N518.916 billion received in the previous month by N52.815 billion.

    Revenues from Oil Royalty and Companies Income Tax (CIT) improved tremendously while Petroleum Profits Tax (PPT) decreased significantly. Import Duty and Value Added Tax (VAT), only recorded marginal increases.

    The distributable Statutory Revenue for the month is N571.731. The total revenue distributable for the current month (including VAT and Exchange Gain Difference) is N679.699 billion.

    Therefore, from the Net Statutory Revenue, Federal Government received N284.163 billion representing 52.68%; States received N187.605 billion representing 26.72%; Local Government Councils received N140.997 billion representing 20.60%; while the Oil Producing States received N40.436 billion also representing 13% derivation revenue.

    The Cost of Collection, Transfer and FIRS Refund comes up to N26.498 billion.

    Furthermore, the gross Revenue available from the Value Added Tax (VAT), was N106.826 Billion as against N96.485 Billion distributed in the preceding month, resulting in an increase of N10.341 Billion.

    The breakdown of the distribution has the Federal Government receiving N15.383 billion representing 15%; the States received N51.277 billion representing 50% while the Local Government Councils received N35.894 billion also representing 35%.

    The balance on Excess Crude Account is $63 Million.

  • FG, States, LGAs share N1.92tr in three months – NBS

    FG, States, LGAs share N1.92tr in three months – NBS

    The National Bureau of Statistics (NBS) has revealed that the Federation Account Allocation Committee (FAAC) has disbursed N1.92 trillion to three tiers of government in first quarter of 2019.

    This NBS figures are however Allocations by Federation Account Allocation Committee for the months preceding when they were shared.

    For instance, Allocation by Federation Account Allocation Committee for the Month of December, 2018 was shared in January, 2019 and so for the other two months of February and March.

    The NBS figures, which tallied with the figures from the Office of the Accountant General of the Federation (OAGF), said FAAC disbursed N649.19 billion to the three tiers of government in January, 2019 (December 2018); N660.37 billion in February (January 2019) and the sum of N619.86 was distributed to the three tiers in March (February 2019). FAAC Allocations for March 2019 will be done later this month.

    Of the N1.92 trillion so far disbursed, the Federal Government has received N803.18 billion in the three months.

    States have received N530.14 billion while the local governments have received N398.43 billion.

    Interestingly, in January 2019, Delta state received the highest allocation of N17, 360,640, 513.62 excluding the N3, 862,469,150.06 the state collected on behalf of its 25 local government areas.

    Osun state got the lowest state allocation of N1,730,201,728.81 aside from the N3,886,506,134.26 it collected on behalf of the 30 local government areas of the state.

    The NBS breakdown showed the federal government received N270.17 billion in January, N275.33 billion in February and N257.68 billion in March while the 36 State Governments received N178.04 billion in January, N182.17 billion in February and N169.93 in March. All the 774 Local governments received N133.83 billion in January, N136.88 billion and N127.72 billion in March.

    The NBS report further revealed that the amount disbursed in January comprised N547.46 billion from the Statutory Account, N100.76 billion from Valued Added Tax (VAT) and N976.53 million exchange gain differences while the sum of N45.36 billion was shared among the oil producing states as 13% derivation fund in January 2019 alone.

    Further breakdown of revenue allocation distribution to the federal government revealed that the sum of N216.57 billion was disbursed to the federal government’s consolidated revenue account.

    N4.81billion was disbursed as share of derivation and ecology and N2.43 billion as stabilization fund. N8.15 billion was shared for the development of natural resources and N5.82 billion to the Federal Capital Territory (FCT), Abuja.

    The report also stated that revenue generating agencies such as “Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.69 billion, N4.04 billion and N8.04 billion respectively as cost of revenue collections.”

    For February, the report said the amount disbursed comprised N497.12 billion from the Statutory Account; N104.47 billion from Valued Added Tax (VAT) and N8.12 billion as excess charges recovered.

    The sum of N50 billion was distributed as FOREX Equalisation Fund and N654.70 million as exchange gain differences. N48.49 billion was shared among the oil producing states as 13 per cent derivation fund in February.

    Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.66 billion, N7.62 billion and N4.07 billion as cost of revenue collections.

    Further breakdown of revenue allocation distribution to the Federal Government of Nigeria received the sum of N221.33 billion into the consolidated revenue account. N4.94 billion was disbursed as share of derivation and ecology and N2.47 billion as stabilisation fund. Also, N8.30 billion was shared for the development of natural resources and N5.90 billion to the Federal Capital Territory (FCT) Abuja.

    In March, the NBS report revealed that the amount disbursed comprised of N474.42 billion from the Statutory Account, N96.39 billion from Valued Added Tax (VAT), N4.02 billion as excess bank charges recovered. N44.17 billon was distributed as FOREX Equalisation Fund and N858.46 million as exchange gain differences.

    N50.95 billion was shared among the oil producing states as 13 per cent derivation fund in the month. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria received the sum of N203.04 billion into the consolidated revenue account while N4.63 billion was disbursed as share of derivation and ecology; N2.31 billion as stabilization fund.

    Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.91 billion, N6.49 billion and N3.19 billion as cost of revenue collections.

    The NBS report also noted N7.77 billion was shared for the development of natural resources and N5.52 billion to the Federal Capital Territory (FCT) Abuja in March.

  • FAAC Shares N619.857Bn to FG, States LGAs in March

    From Jonas Ike, Abuja

    The Federation Accounts Allocation Committee (FAAC) has shared to the three tiers of government a total of N619.857 billion federal revenue generated in the month of February 2019, shared in March 2019.
    The Committee announced that as at 27thMarch 2019, the Excess Crude Account had the sum of $183 million.
    The total distributable revenue of N619.857 billion comprised revenues from various sources namely: distributable statutory revenue, Value Added Tax (VAT), Exchange Gain, Excess Bank Charges recovered and Forex Equalization.
    The gross statutory revenue for the month was N478.434 billion; revenue from Value Added Tax (VAT) was N96.389 billion; Exchange Gain was N0.858 billion and Forex Equalisation revenue was N44.176 billion.
    A communique issued by the Federation Account Allocation Committee indicated that from the total revenue of N619.857 billion, the Federal Government received N257.681 billion, the States received N169.925, the Local Government Councils received N127.722 billion. The Oil Producing States received N50.946 billion as 13% derivation revenue and the Revenue Generating Agencies received N13.582 billion as cost of revenue collection.
    The gross statutory revenue of N478.434 billion received for the month of February 2019 was lower than the N505.246 billion received in the previous month by N26.812 billion.
    The gross revenue from Value Added Tax (VAT) was N96.389 billion as against N104.468 billion distributed in the previous month, resulting in a decrease of N8.079 billion. From the total revenue from VAT, the Federal Government received N13.880 billion, the States received N46.267 billion, the Local Government Councils received N32.387 billion and the Revenue Generating Agencies received N3.855 billion.
    The communique stated that for the month of January 2019, the federation crude oil sales increased by about 46%, resulting in increased federation revenue from $425.00 million previously to $574.95 million.
  • States recorded N264.38bn IGR growth in Q3 2018 – NBS

    States recorded N264.38bn IGR growth in Q3 2018 – NBS

    The National Bureau of Statistics (NBS) in its states level Internally Generated Revenue records for Q3 2018 says States and Federal Capital Territory recorded N264.38bn as IGR in the third quarter of 2018, compared to N279.78bn recorded in the half-year of 2018.

    The report was released on Friday by the bureau

    This indicated a negative growth of -5.08 per cent quarter on quarter, the NBS stated.

    In the report, 17 states recorded growth in IGR while 20 states recorded decline quarter on quarter at the end of Q3 2018.

    The net allocation from the Federal Account Allocation Committee in Q3 2018 was put at N1.82tn while the total revenue available to the states was put at N2.72tn.

    However, the value of foreign debt stood at $4.22bn while domestic debt hit N3.38tn at the end of 2018 half year respectively, the NBS added.

    According to the NBS, Lagos led the figure with an aggregated N87.06bn disaggregated IGR collection in Q3 2018.

    During the period under review, Abia had N3.03bn; Adamawa had N1.37bn; Akwa Ibom had N6.7bn; while Anambra had N4.1bn.

    The NBS revealed that Bauchi had N2.43bn; Bayelsa had N3.19bn; Benue had N2.3bn; while Borno had N1.57bn.

    From the figures released, Cross River had N3.21bn; Delta, N13.14bn; Ebonyi, N1.32bn; Edo, N7.06bn; Ekiti, N1.22bn; Enugu, N4.14bn; while Gombe had N1.26bn.

    Moreover, Imo had N4.47bn; Jigawa, N2.34bn; Kaduna, N5.99bn; Kano, N7.09bn; Katsina, N1.61bn; Kebbi, N1.14bn; Kogi, N2.53bn; Kwara, N5.96bn; while Nasarawa had N1.59bn.

    Niger had N1.65bn; Ogun, N20.57bn; Ondo, N5.04bn; Osun, N2.73bn; Oyo, N5.88bn; Plateau, N3.26bn; Rivers, 2.88bn; Sokoto, N7.75bn; Taraba, N1.51bn; Yobe, N1.26bn; and Zamfara, N1.79bn.

    The statistics office also disclosed that the FCT had N14.05bn disaggregated IGR collection in Q3 2018.

    States IGR data was computed by the NBS and the Joint Tax Board from official records and submissions by the 36 State Boards of Internal Revenue.

  • FAAC disburses N8.03tn to FG, States in 2018

    The Federation Account Allocation Committee (FAAC) says it disbursed a sum of N8.03 trillion to the Federal and State Governments in 2018.

    Figures obtained from the National Bureau of Statistics, NBS, on Friday showed that FAAC disbursed the sum of N3.19 trillion to the Federal Government in 2018 while States received a total of N4.84 trillion within the period under review.

    According to the report, the amount disbursed to the FG comprised N2.12 trillion as Net Statutory Allocation, N156.98 billion as Valued Added Tax (VAT), N10.66 billion as NNPC refund to FG and the distribution of N128.41 billion from the FOREX equalisation fund.

    Similarly, the amount disbursed to the States comprised N2.27 trillion as Gross Statutory Account, N532.74 billion as Valued Added Tax (VAT), N8.64 billion as NNPC refund to FG, N824.64 billion as Exchange Gain distribution, N4.08 billion as Excess Bank Charges and the distribution of N103.36 billion from the FOREX equalisation fund.

    Akwa Ibom and Rivers States received the highest allocation of N424.93 billion and N394.17 billion respectively in 2018 while Osun and Ekiti States received the least allocation of N61.62 billion and N77.35 billion in that order.

     

  • Executed Projects: Buhari rejects NASS’ approval for refund of N488.7b to states

    President Muhammadu Buhari has rejected the National Assembly’s approval for refund of N488.7 billion to State Governments for projects they executed on behalf of the Federal Government.

    Buhari communicated the decision through a letter read by the President of the Senate, Sen. Bukola Saraki, at plenary on Tuesday.

    The president said he rejected the National Assembly’s approval because it violated the provisions of the Public Procurement Act, 2007.

    He noted that whereas the Federal Executive Council (FEC) approved a total of N487.8 billion for the purpose, the National Assembly jerked up the figure to N488.7 billion.

    He said the amount approved by the lawmakers was N890 million higher than that approved by FEC.

    Buhari said a review of the NASS’ approval, communicated through a July 27, 2018 letter, also revealed discrepancies in the number of states submitted by FEC and those approved by the lawmakers.

    He said, “While FEC approved reimbursement to 25 states, the National Assembly approved reimbursement to 21 states.

    “The National Assembly did not approve any reimbursement to four states, that is, Bauchi, Delta, Kogi and Taraba, whereas FEC approved reimbursement for them.

    “Note that the amount approved by the National Assembly for reimbursement to 21 states is higher than the amount approved by FEC for reimbursement to 25 states.”

    The president added that the amount approved by the lawmakers for each of the 21 states was higher than that approved by FEC for each of them, except for Adamawa, Jigawa, Kano and Niger.

    He urged the Senate to note that the Public Procurement Act 2007 empowers the Bureau of Public Procurement (BPP) to approve vendors for contract sums.

    According to him, the amounts presented to the national assembly for approval were duly certified for reimbursement by the BPP before they were approved by FEC.

    Buhari said this was after the projects had been inspected through a programme under the chairmanship of the Minister of Power, Works and Housing.

    The president noted that there was need for compliance with the Public Procurement Act, 2007.

    “I wish to request that you forward to us details relating to the amounts approved by the National Assembly for the 17 states in excess of what was certified by BPP, for necessary verification and approval.

    “Furthermore, I wish to request for a review of the reimbursement earlier submitted in favour of Bauchi, Delta, Kogi and Taraba states,” the president said.

    In the meantime, Buhari has told the lawmakers that the federal government will proceed with the implementation of the reimbursement on certain grounds.

    First, he said where the amount approved by the national assembly is the same as the amount approved by FEC the jointly approved amounts would be refunded.

    He identified the states in this category as Adamawa, Jigawa, Kano and Niger.

    Second, the president said where the amount approved by the National Assembly was higher than the amount approved by FEC, the amount approved by FEC would be paid.

    The benefiting states on this are Akwa Ibom, Anambra, Ebonyi, Benue, Edo, Ekiti, Enugu, Gombe, Imo, Kwara, Lagos, Ondo, Ogun, Osun, Oyo, Plateau and Zamfara.

    He said the four states (Bauchi, Delta, Kogi and Taraba) excluded in the NASS approval would not be refunded until their consideration by the lawmakers.

  • 36 states, FCT to access World Bank’s $750m loan, grant soon – FG

    The Federal Government has disclosed that 36 state governments and the Federal Capital Territory, FCT, will soon access World Bank’s $750 million loan and grant facility.

    This was made known by the Minister of Finance, Zainab Shamsuna Ahmed, while addressing the 7th Community of Practice (CoP) made up of State Commissioners of Planning and Budgeting, in Abuja, with theme, ‘Achieving Realism in State and Federal Budgets for Effective Service Delivery’, as contained in a statement signed by the Special Adviser to the Minister of Finance on Media and Communications, Paul Ella Abechi.

    Ahmed, who was the founder of CoP in September 2016, as then Minister of State for Budget and National Planning was invited to speak on issues concerning the CoP, where she expressed optimism that states will continue with their fiscal responsibility which will serve as platform to access the loan and grant from the World Bank.

    The Community of Practice meetings enhance the State Commissioners of Planning and Budget’s capabilities in performing their functions, and serve as platforms for facilitating peer learning and information exchange, strengthening coordination, collaboration and networking.

    Issues being discussed at the 7th CoP meeting include expanding the forum beyond the current membership to include the Minister of Finance and Commissioners of Finance from States for better coordination of planning, budget and public finances.

    She said: “During the course of these meetings we had the benefit of hosting the World Bank and several other opportunities including the Governors’ Forum. During the course of this exercise, the Ministry of Finance had to on instruction from the President provide bailouts to the state because at one point states were not able to pay salaries.

    “Part of the conditions that was given for those bailouts is a fiscal responsibility plan which needed to be implemented for the state to continue to be qualified to access the funds that the Federal Government was giving.

    “This FSP was quite successful because as a result of that we saw improvements in the public financial management in a lot of states, some of which is evident in the increase in the IGR and also the increase in the frequency of the preparation of financial statement in the availability of budget that used to never been found anywhere.

    “This year, it was so good that the World Bank said this group has done well and therefore we are going to give $750million in the form of concession loans and grant which will be available soon for the states to access.

    “We are in the process of going to the Federal Executive Council (FEC) to get the approval; the World Bank on its own has already approved this and others. So we hope that you will continue to implement your fiscal responsibility so that you will qualify for this facility as well as the grant.

    “And those principles agreed by NEC are still as relevant today as they were in 2016. So I want to urge the CoP to ensure that the monitoring aspect of this is still continuing in one way or the other.”

    She also charged the CoP to make monitoring of the process of implementation of budget as cardinal, because it would benefit and enhance what they are doing to improve the standard of living of the people in their states.

    “Let me add that the need for monitoring is beneficial because it will enhance process improvement, it will also help us to refocus ourselves as well as our principles to stay on those commitments that are made, but most importantly it will enhance public service delivery to the citizens”, she stated.