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Nairaland Forum / Nairaland / General / Politics / FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance (1992 Views)
Infograph: FAAC Allocation Distribution To 36 States From January - March 2017 / FAAC Disburses N386bn To FG, States, Lgs In November 2016 / FAAC: FG, States, LGAs Share N559.032b In June; As ECA Rises To $3.094b (2) (3) (4)
FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by TheFreeOne: 9:04am On Feb 24, 2016 |
FAAC Meeting: FG, States, LG share N370.4b for January – Minister Of Finance The Minister of Finance, Mrs Kemi Adeosun, said that N370.4 billion was shared among the federal, states and local governments as revenue for January 2016. She announced this in Abuja, while addressing pressmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting. She said that the shared amount comprised of the month’s statutory revenue of N290.9 billion. The minister also said that there was an exchange gain of N3.4 billion which was proposed for distribution. Adeosun said that the money shared included the N6.3 billion that was refunded to the federation account by the Nigerian National Petroleum Corporation (NNPC). It could be recalled that N387.8 billion was shared to the three tiers of government as revenue in December 2015, indicating a decrease of N17.4 billion in the January allocation. Giving the breakdown of revenue among the three tiers of government, Adeosun said the Federal Government received N137.5 billion, representing 52.68 per cent, while states got N69.7 billion, representing 26.72 per cent. The minister said the local governments received N53.7 billion, amounting to 20.60 per cent of the amount distributed. She also said that N22.4 billion, representing 13 per cent derivation revenue was shared among oil producing states. She added that the country generated N173.7 billion as mineral revenue and N117.3 billion as non-mineral revenue in January, a decrease of N40.9 billion and an increase of N16.9 billion respectively from what the country generated in the preceding month. The balance in the Excess Crude Account was 2.25 billion dollars, she noted. Adeosun explained that acts of vandalism on oil pipelines, among other factors, had continued to negatively impact on oil revenue generation, saying “the shut-in and shut-down of production for repairs and maintenance continued during the period under review. “However, there was a slight increase in production of crude in December 2015 but the resulting income was marginal due to a 10 per cent drop in crude oil prices. “The drop in the average price of crude oil from 43.40 dollars in November to 39.04 in December 2015 resulted in a revenue loss of 22.55 million dollars” She added. http://www.nta.ng/2016/02/24/faac-meeting-fg-states-lg-share-n370-4b-for-january-minister-of-finance/ |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by Freshboi: 9:25am On Feb 24, 2016 |
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Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by DropShot: 9:30am On Feb 24, 2016 |
Share share share share till nothing to share anymore ![]() |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by Nobody: 9:43am On Feb 24, 2016 |
Ok, let's wait for what the governors will say why they are unable to pay salaries |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by yaki84: 9:48am On Feb 24, 2016 |
imagine if the 177billion was shared among the oil producing states.......
dis one naijairia is tirings me o. 2 Likes |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by TheFreeOne: 10:38am On Feb 24, 2016 |
Oma307: Aside the drop in oil revenue, SPOs with banks on various loans taken by governors are part of the reasons they couldn't pay salaries of workers. Majority of these governors lack necessary management skills, failed to prioritize salaries and they ain't willing to stop their extravagant lifestyles. |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by pdpchangeapc(m): 10:45am On Feb 24, 2016 |
So, Federal government have shared January allocation and Oyo State my state has only paid october 2015 salary to workers. o ga o. |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by GworoChewinMaga: 11:09am On Feb 24, 2016 |
[size=18pt]Economic diversification will never happen as long as there is no return to true federalism [/size] How can Osun state under the parasitic aregberascal become less dependent on federal handouts and bailouts from bad loans they undertook in lieu of oil receipts? How can Kano return to its prime agro-allied based economy when every month Abuja doles out free money drawn from oil receipts that is justified from a ridiculous censor figure? How can Kogi continue to remain in abject poverty while sitting on huge and vast mineral deposits? As long as the petrol dollar still oils this parasitic union, all the lazy states will continue to look at Abuja for money. Every month, the 36 state governors send their finance commissioners to Abuja to share from oil revenue. The resource control you deny the good people of the Niger Delta inadvertently is what is responsible for your poverty. If Tajus in Osun can forget Abuja and the oil in the Niger Delta, won't they find an alternative to survive instead of dragging peanuts and salaries that aregberascal has sworn never to pay you ingrates? For every evil jealous intentions you hold against the progress of the good people of the Niger Delta in controlling their own resources it has backfired and made you more impoverished. Take a cue from the SE, these guys do not have time for state allocations and this has made the ibos the largest group within the middle class. Self reliance and good old fashion hard work and not govt handouts is the only solution from your poverty. You lot band out different nonsense like agriculture, tourism (as if any sane person will want to visit Nigeria outside business) , etc as an alternative to a mono economic but none of you are doing anything whatsoever to achieve this. Imagine the Ooni of Ife telling the FG to come and exploit gold deposits in Osun. What stops you Tajus from panning for gold? The US frontiers were opened by the gold rush, so why are you lazy Tajus not mining for gold? Gold is better than cash at hand. Is it that you are so dependent on handouts and allergic to wealth that you are not mining the gold in Osun on your own? Go to Gembu in Taraba, there is a thriving gemstone and diamond mining town where Tarabans are making millions from diamond exploration and sales. The same with Kogi with tantalite. Sometimes I just have to assume that most of you here are just the epitome of cluelessnes and poverty. In conclusion, I want you to forget about oil. It's not like you produce a single drop of it. And before you mention Ondo, Ondo is not the whole SW and I am.very sure they will never accommodate you all like the way the aworis have in Lagos. And even at that Ondo produces only 30,000 bpd out of the over 2.5million barrels. You guys really need to wean yourselves off the petrol dollar and also purge yourselves of unnecessary jealousy and envy of the Niger Delta. 1 Like |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by GworoChewinMaga: 11:11am On Feb 24, 2016 |
DropShot: Nigeria is like a yeast culture, consuming without recourse to tomorrow. And like a yeast culture will starve to death when resources vanish from over consumption |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by HHANDM: 11:39am On Feb 24, 2016 |
GworoChewinMaga: Agreed that true fedralism will bring lasting solution and development. But do states have control over solid minerals within their domains or are you not aware that's the exclusive preserve of the FG ![]() |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by GworoChewinMaga: 11:45am On Feb 24, 2016 |
HHANDM: If platinuim is found in abundance in the north will they not clamour for resource control? What you wish against the ND will come and hunt you |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by PentiumPro(f): 11:50am On Feb 24, 2016 |
yaki84: said that N22.4 billion, representing 13 per cent derivation revenue was shared among oil producing states. |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by PentiumPro(f): 11:51am On Feb 24, 2016 |
GworoChewinMaga: I hope this your perpetual anger is only on Nairaland |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by GworoChewinMaga: 11:53am On Feb 24, 2016 |
PentiumPro: Coming soon to a Southwest public square soon |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by PentiumPro(f): 11:56am On Feb 24, 2016 |
GworoChewinMaga: Enjoy your cowardly Nairaland delusions. You are probably one handicap that is frustrated with your life, that may explain this your perpertual act of crying and whining. 1 Like |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by GworoChewinMaga: 11:59am On Feb 24, 2016 |
PentiumPro: Enjoy your arewastan republic You chose slavery and so shall you and your generations remain enslaved 1 Like |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by HHANDM: 12:02pm On Feb 24, 2016 |
GworoChewinMaga: Guy don't get it twisted. I am not against fiscal federalism but as long as nigeria still operate present political structure there's little or nothing we can do about the situation. The power brokers won't allow fiscal federalism except there's a revolution from the people or the oil dries up. 1 Like |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by Naija9090: 12:07pm On Feb 24, 2016 |
One Nigeria...sharing someone else's wealth. Akin to Texas, Louisiana, Oklahoma sharing their oil wealth with all 50 states. SMH |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by PentiumPro(f): 12:08pm On Feb 24, 2016 |
GworoChewinMaga: Irony! You are the one demanding freedom from your internal colonial masters ![]() Remember you live in the zoo according to you. |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by Nobody: 12:14pm On Feb 24, 2016 |
I dont know why they have refused to go for leadership courses TheFreeOne: |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by Nobody: 12:21pm On Feb 24, 2016 |
It pains me when i see state like kogi state lavishing in abject poverty despite the numerous natural resourses within the state. I pity the state, they need a visionary leader who can governance them well GworoChewinMaga: |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by TheFreeOne: 12:47pm On Feb 24, 2016 |
Oma307: Almost if not all naija politicians seeks public office for self aggrandizement and not for the welfare of their people. |
Re: FAAC Meeting: FG, States, LG Share N370.4b For January – Minister Of Finance by HHANDM: 1:28pm On Feb 24, 2016 |
Oma307: Many states abounds with natural resources but lack legal backing to exploit these minerals and the lure of easy money from monthly allocations made states complacent when they ought to sponsor bills at NASS for laws that'll give them control as such will help increase their IGR. We need to change our political discourse asap from sharing oil resources to empowering states/regions to become self reliant and true federalism/regional govt are options that'll engender real development. |
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