Connect with us

News

FG, States, LGs share N628.8 Billion for November

Published

 on

Jonathan-May-2014-BellaNaija.co-05
The Minister of State for Finance, Bashir Yuguda, on Tuesday said that the Federal, states and local government shared N628.8 billion as revenue for the month of November.

Yuguda made this known when he briefed newsmen on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting in Abuja.

He said the distributable statutory revenue for the month was N427.6 billion, comprising N35.5 billion from SURE-P and N6.3 billion refunded by NNPC to the Federal Government of Nigeria.

According to him, another N6.1 billion was shared as part of exchange gain for the month.

“So, the total revenue distributable for the month, including Value Added Tax (VAT) of N60.6 billion and another N55.6 billion payment from NNPC is approximately N628.8 billion,” he said.

Yuguda said a breakdown of the distribution showed that the Federal Government received N196.4 billion, representing 52.68 per cent; and states, N99.649 billion, representing 26.72 per cent.

He further said that the local governments received N76.8 billion, amounting to 20.60 per cent of the amount distributed.

The minister said that N39.9 billion, representing 13 per cent derivation revenue was also shared among the oil producing states.

On VAT, Yuguda said the gross revenue collected for the month of November was N60.6 billion as against the N67.1 billion distributed in October, representing an increase of N3.5 billion.

He said that the nation generated N383.1 billion as mineral revenue in November as against the N420 billion in the month of October.

The minister said that this figure showed a marked decrease of N34.4 billion between the two months.

Yuguda said also that the non-Mineral revenue for November was N115.1 billion as against the N116.7 billion it generated in October.

He rounded up the briefing with the balance of the Excess Crude Account, which was 3.1 billion dollars, which was less than the balance it had in the month of October by one billion dollars.

Earlier, the Minister of Finance, Dr Ngozi Okonjo-Iweala, who was at the meeting, said she was there to parley with states to work hard in boosting their internally generated revenue.

“As you can see, we are in for some hard time. It is time for all of them to look towards raising more internally generated revenue.

“But in the medium term, we will also look at tax policy, issues like the VAT.

“You know governors already rose from their last nationally economic council to say that they will like the VAT to be looked at,’’ Okonjo-Iweala said.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

14 Comments

  1. Mbeke feeling funky

    December 17, 2014 at 9:16 am

    Dear government officials,

    As you are quick to tell us how much is being shared by the different bodies can we also get a similar account of how the money will be spent?

    On our hospitals so people do not have to fly out of the country to get treatment. On our public schools so that our children can graduate with actual skills and unemployment will decline. On infrastructure, so we can create jobs for builders, architects, contractors… Will 0.01% of that money even get spent on the less fortunate in our society so that fewer people turn to crime?
    Thanks,

    Concerned citizen

  2. mrs chidukane

    December 17, 2014 at 9:30 am

    Lol @ boosting internal revenue. You guys make doing business he’ll for Nigerians and you now want to increase tax upon the taxes and rates already imposed that is choking us? A Governor like T A Orji of Abia state who does nothing in his state from year to year? He doesn’t even pay salaries. I’m sure this money is straight to his pocket

  3. Confuzzled

    December 17, 2014 at 10:41 am

    Hi BN crew, to make this information easily digestible, more meaningful, and less wordy, I think graphs or infographics would be helpful. In the spirit of being part of the solution, hit me up if you’re interested in making this happen on data focused posts.

    That being said, taxes are for the provision of services to the citizens. I don’t mind more taxes if I can get better quality service. So let them tell me what they want to use my money for, and we can see about it. Another method of increasing IGR is through fines and penalties (think traffic violation fines, etc). That way we can promote orderliness and raise funds from the misbehavers out there. I would love to see more states start implementing things like this.

    Our government is becoming more transparent. It wasn’t too long ago when no one even know how much they were sharing (shout out to Dame Patience lol). Let’s not ignore the progress we’re making.

    • Mz Socially Awkward...

      December 17, 2014 at 11:09 am

      I must be in a good mood this morning because I’m nodding my head in agreement that there’s been some seeming progress in Nigeria with regard to government transparency. Emphasis on the word “seeming”, though, because it’s Nigeria and long experience with crooks in office has taught me that for every N1 disclosed, there may likely be N100 of undisclosed loot sitting in someone’s swiss/south-african/british/american account…

      However, props to Ngozi & her colleagues if this is the path they’re bent on for the future.

      Also agree regarding a proper reassessment of tax laws and if the fines and surcharges are honestly applied, that right there represents a marked increase in IGR. Emphasis on the words “honestly applied”…

    • freddie

      December 17, 2014 at 1:07 pm

      To be honest, this isnt really transparency!! the info stated above can easily be obtained from the government using the Freedom of information Act 2011, the TRANSPARENCY Nigerians want to see is how much of this money disbursed is being spent on poor Nigerians! Also from the figures and percentages peddled above? it really means, the state and local government are as culpable as the federal government in all forms of corruption and stagnation this country is goin through. In as much as the FG takes 50% of the National cake, the state n LG take the other 50 so in my eyes they too r as wasteful and visionless as the federal govt ! Even if the cost of a barrel drops below 40 dollars, Nigeria will still cope? afterall, when OBJ came into power 99, it wasnt until 2001 that Nigeria was making 12 dollars/barrel. I guess my point is, it doesnt matter what the price of crude is, if the corrupt politicians decide to steal the money, the merits or demerits of the change in Price will only be felt negatively! afterall in 2001 there was no Light in Naija, now 2014, theres still no light!! So where all the increase in dollar price dey go?
      Inside some other guys pocket buying LIFESTYLE in foreign land at the expense of the Masses!!

    • NagosBigBoi

      December 17, 2014 at 6:27 pm

      Thank you! I have been thinking exactly the same thing. These types of info are easier to comprehend and digest in graphical form. There are many of us that would be more than happy to help. It will so make things clear! BN please help make the site more inviting for those of us who can not tell haute couture from hot coffee.

  4. Mz Socially Awkward...

    December 17, 2014 at 10:53 am

    I want to keep an open mind and make the fair assessment that even though it sounds like a lot of money was distributed, the N628.8 billion was spent across the Federal, state and local governments and Nigeria is a pretty big country to run. This is me giving them the benefit of doubt.

    Now, in any event that part or much of this money ended up in different personal accounts, I’m sincerely hoping that the Nigerian Government (at all levels) is keeping an eye on the dip in the Brent crude price and anticipating how we’re going to sustain ourselves in other ways as mineral revenues continue to fall. If OPEC remains obstinate and the price per barrel falls to $40 per barrel, what’s the forward plan for generating national revenue when oil stops paying us enough for people to cart away billions without thinking of the states and nation they’re meant to be running?

    Even Mr. Minister is already ringing the warning bell above – mineral revenue in November has suddenly decreased by N34.4 billion against the revenue for October and the Excess Crude Account balance has fallen by one billion dollars. On the other hand, revenue from non-mineral related activity seems to have decreased only very slightly between the two months…

    The state and federal government need to listen with both ears to what Dr Okonjo-Iweala is preaching. Don’t continue looking to crude oil to provide your income; everyone has to start thinking hard about generating revenue and bolstering the economy via other routes. Except that our leaders’ intense selfishness, tribal in-fighting and inability to view things from outside their own microcosm (e.g. the current madness centered around the 2015 elections), will prevent most of them from seeing the greater picture…

  5. Bobo

    December 17, 2014 at 11:24 am

    An extra $1 billion missing from the ECA and cannot be accounted for.

  6. Simeon Scripts

    December 17, 2014 at 11:25 am

    NOW THERE IS NO MONEY IN IMAGINE!!! our resources are enough to prevent economic crisis during time of oil price fall. May God help us

    simeonscripts.wordpress.com

  7. Stanley Nwobilo

    December 17, 2014 at 2:33 pm

    Tuesday, December 16, 2014

    THE FACTS: Why Jonathan Will Win In 2015

    By Reno Omokri: My dear brothers and sisters, a number of you have asked me, particularly on Social Media, why I think President Goodluck Jonathan deserves your vote. I will use this space to answer that question headlong and unequivocally, because I believe with every fiber of my being that reelecting President Jonathan is the best course of action that Nigerians can take if we do not want to go back to the old ways in which the government dictated to us rather than related to us.

    || Nigerians want to know what a candidate will do for them. They do not want to listen to candidates bicker like motor park touts. Even those that do not support the President or the PDP have at least heard of the Transformation Agenda. Have you heard of the opposition’s agenda?

    Everything about the emergence of President Jonathan as the candidate of the PDP shows his party and it’s candidate as the only truly national candidate. The National Convention in the Federal Capital Territory, which is known as the ‘Center of Unity’ was auspicious and befitting as the PDP is the only political party that projects one united and indivisible Nigeria.

    Nigerians can take pride in the PDP and its pan Nigerian credentials. The party does not have regional bases. The whole nation is its base.

    The ruling has a unique ability to unite as a party that goes on to unite Nigeria as a nation.

    The PDP is the largest party in Africa and under this banner, we have grown our economy to the point where it is now the largest economy in Africa proving that as the PDP grows stronger, Nigeria grows stronger.

    And with all due respect, the choice between the PDP’s candidate, President Goodluck Jonathan and the opposition’s candidate, General Muhammadu Buhari is clear.

    Lagosians who are today escaping Lagos traffic via the air conditioned Goodluck train must be under no illusion that this service just appeared from nowhere. No. It came about via a visionary long term plan whose ultimate goal when fully implanted will see a Lagos-Ibadan High Speed metro line that will enable people live in Ibadan and work in Lagos. The contract was signed in August 2012 for $1.5 billion and the management of the Chinese Firm CCECC has mobilized to site.

    The project itself, being part of the Interstate Rail Project, has been listed by KPMG as one of the world’s top 100 infrastructure projects!

    This is a fulfillment of the idea that Alhaji Lateef Kayode Jakande had way back in 1982-3 but which was delayed when the military thought they had murdered that idea by canceling the project. But that project has been given new life today by the President Goodluck Jonathan administration because as Thomas Sankara said “you cannot kill ideas”.

    Some people erroneously think that President Jonathan will not do well in the 2015 election in Katsina State, but the people of Katsina will vote for President Jonathan because he built the only Federal University in Katsina state as well as the only 6 Almajiri schools in that state. Before the ascension of the President to power, Katsina and 11 other states had no Federal Universities.!

    The 2015 election is about records. The President has his record and the opposition have theirs.

    The days of selling a candidate based on his ethnicity, region and religion must go forever. 2015 must be about issues, records and ideas!

    I, Reno Omokri, am proud to say that President Jonathan has never publicly or privately called for violence or bloodshed.

    President Jonathan’s has bequeathed a good Human Right Record to Nigeria. No political Prisoners exist in Nigeria. No one is imprisoned for their views under President Jonathan. What is the opposition’s Human Right record?

    When President Jonathan took office in 2010, it used to take an average of 7-8 hours to go from Benin to Lagos. Today, after the reconstruction (bot repair) of the Benin-Ore road, that same journey can be done in 3 hours and the President sent the Coordinating Minister for the Economy, Dr. Mrs. Ngozi Okonjo-Iweala, to undertake the journey and verify the Estimated Travel Time on that road.

    Some people say the opposition is coming to fight corruption and I ask them if they have seen the latest Corruption Perception Index released by Transparency International 2 weeks ago?

    Under President Jonathan, Nigeria progressed 8 points upward in the scale proving that the President is tackling corruption headlong.

    The major progress Nigeria made in the 2014 Corruption Perception Index released by Transparency International are the result of the clinical surgical incision made by President Jonathan at the root of corruption in Nigeria.

    Gone are the show trials that glorify style over substance with media prosecutions that do not lead to convictions. Under Jonathan, Nigeria has had more corruption convictions than at any other time and Transparency International noticed.

    Remember that the Fertilizer Procurement and Distribution sub sector of the Agricultural sector was a veritable channel of corruption. Billions of dollars went into private pockets as middlemen inflated costs and supplied adulterated products to farmers. But under President Jonathan’s watch, 14 million farmers were registered by the Ministry of Agriculture who connected them directly to the product through an e-wallet system by which the Agriculture ministry send texts to farmers to go and pick up their fertilizer and seeds direct from their locality.

    What greater anti corruption credential can you have than to weed out 50,000 ghost workers from the Federal Civil service saving Nigeria almost 350 billion Naira per annum?

    As I speak to you, the Abuja-Kaduna Rail project has been completed, under budget and under the time frame for which this administration promised which is as a result of the new efficiency of the Federal Civil Service which, through the Federal Ministry of Works, had been able to supervise the contractors efficiently because no kickbacks exchanged hands.

    My brothers and sisters, as I unveil my candidate to you, I am confident not only that he will win the 2015 Presidential elections based on his record, I will further call on you and other well meaning Nigerians, that If you value human life, please urge INEC to make candidates take an oath not to incite violence when they lose in 2015.

    I sometimes wonder if the opposition think that President Jonathan is a time traveller. Why do I say so? When the opposition says Nigeria’s problem is Jonathan perhaps they should explain why we had problems when some of them where in power. Is it that President Jonathan travelled back into the past to create the problems they faced?

    They say that President Jonathan has not achieved anything.

    In that case is it that President Jonathan bribed the UN to say that Nigeria’s average Life Expectancy rose from 47 to 52 years under his administration, or he bribed the International Monetary Fund, IMF, to promote Nigeria to a Middle Income Nation in 2013 from a Low Income Nation before that? Or he bribed KPMG to list our interstate High Speed Rail project as one of the world’s top 100 infrastructure projects? Did he compromise the International Food Policy Research Institute to say that hunger has reduced in Nigeria under Jonathan from 16% to 14.1%?

    I am not saying that Nigeria’s problems are all solved. How could they be? It took us 50 years to get to the point we were before President Jonathan became president in 2010. Surely it will take us more than four years to get out of the problems we faced for half a century.’

    But one thing I can say is that we are making progress under President Jonathan. Elections are now free and fair and we have bade farewell to do or die elections.

    People can say what they like and be assured of freedom of speech and freedom after the speech.

    The era of politically motivated assassinations are gone.

    Our railways have been revived, our major highways have either been revived or are in a state of being revived.

    All those 12 states that did not have universities prior to Jonathan’s ascension now have universities.

    In today’s Nigeria, you cannot name a state in Nigeria where Jonathan has not built either a brand new university, a secondary school, a hospital or a new road!

    President Jonathan knows that a mind is a terrible thing to waste thus Jonathan built 150 schools for Almajiri. And then some say that he has only scratched the surface. My response to them is that if previous administrations had likewise scratched the surface, we won’t have 12 million children out of the formal education system in Nigeria!

    President Jonathan is building schools in every state because if disadvantaged kids had schools in the 80s they would not have grown up into adults that believe that books are haram!

    Those regions that did not have international airports before Jonathan now have.

    Today, Hyundai, Kia and Nissan have opened up vehicle manufacturing/assembly plants in Nigeria even as the government, most especially the Presidency, is patronizing Innoson cars as official cars.

    Nigerians want stability in their leader. You won’t marry a person who jumps from relationship to relationship, so why support a Presidential aspirant who jumps from party to party?

    From 1999 till today, President Goodluck Jonathan has remained in one party come rain come shine. Who in the opposition can make such a claim?

    As elections approach, expect more panic attacks from a party that spent its time insulting and criticizing the President instead of selling its ideas to Nigerians.

    They say that they will form a parallel government if they lose in 2015. Under Jonathan, elections held in Edo, Anambra, Ondo, Ekiti and Osun. Which of them were rigged? Why is APC rejecting 2015 elections in 2014?

    My brother and sisters, never allow those who swore that they were determined to make some parts of Nigeria “ungovernable” shake you and turn your focus from the verifiable progress Nigeria is making under President Goodluck Jonathan. I can assure that just as he said when he declared his interest to contest the 2015 Presidential elections, under President Jonathan’s leadership, Nigeria “will never go back to the old ways”!

    Reno Omokri is the Special Assistant to President Jonathan on New Media

  8. omoibo

    December 17, 2014 at 3:25 pm

    In my layman’s interpretation, all this means is that Christmas came early for all the thieving Nigerian govt officials.
    Nigerians needs to brace themselves economically for 2015 with the plummeting crude oil price and the devaluation of Naira….

  9. Lola

    December 17, 2014 at 8:53 pm

    This money is going straight into their pockets. Nigerians will never see this money that is why nothing works in Nigeria. What a pity!!!

  10. Iris

    December 17, 2014 at 10:15 pm

    I too would have said yes to higher taxes for better services. That’s how it is in normal countries. However, it was this same government that rolled out a list of promises in exchange for subsidy removal during the Occupy Nigeria protest. Where are those promises? Where are the better roads and ante-natal care specifically mentioned? Since I was born the government of Nigeria has been such a disappointment that corruption and cynicism have now eaten into the minds of everyone at every level. It is time to give the people something back to make us believe again — and i do not mean dashing out money or bags of rice on the streets.

  11. Habib

    December 18, 2014 at 12:24 pm

    Bullshit with Dr mike otti

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tangerine Africa


Star Features

css.php