Workers at the three tiers of
government are to receive their salaries for this month before the Easter break
as the Federal, State and Local Governments on Wednesday shared the sum of
N647.39 billion from the Federation Account.
The money was the revenue
collection for the month of February 2018 which was approved at the Federation
Account Allocation Committee (FAAC) meeting.
The FAAC meeting, presided over
by the Minister of Finance, Mrs. Kemi Adeosun, was attended by Director of Home
Finance in the Federal Ministry of Finance, Mrs. Olubunmi Siyanbola; Accountant
General of the Federation, Mr. Ahmed Idris; Chairman of Finance Commissioners’
Forum and Adamawa State Commissioner for Finance, Hon. Mahmoud Yenusa; States’
Commissioners of Finance and Accountant-Generals, and representatives of
revenue generating agencies.
Adeosun, who spoke to journalists
at the end of the Committee’s meeting, said the N647.39 billion distributed to
the three tiers of government was N11.836 billion higher than the N635.554
billion shared in the previous month.
Statutory revenue accounted for
N557.943 billion of the total revenue distributed on Wednesday while Value
Added Tax accounted for the balance of N89.447 billion.
The total revenue distribution in
the previous month was made up of statutory revenue of N538.908 billion and
Value Added Tax of N96.646 billion.
On the States’ dispute with the
revenue paid by the Nigerian National Petroleum Corporation into the Federation
Account, the Minister said the FAAC would reconcile the revenue figures with
the top management of the Corporation led by the Group Managing Director, Mr.
Maikanti Baru.
“The NNPC is a major channel of
our mineral revenue. Some issues have been raised by the States on the revenue
paid into the Federation Account by NNPC.
“These are being looked into and
within the next 48 hours, we will be a joint meeting with the NNPC Group
Managing Director to address the concerns of the States. The reconciliation of
the revenue figures is part of a healthy process to ensure transparency and
accountability,” Adeosun said.
The Chairman of Finance
Commissioners’ Forum, Mahmoud Yenusa, explained that the reconvening of the
meeting had become necessary to enable States pay workers their salaries before
the Easter break.
“The account submitted by the
NNPC is not acceptable to the States but we are willing to jointly reconcile
the revenue figure with the leadership of NNPC.
“We agreed last night to
reconvene the meeting for the benefits of Nigerian workers at all tiers of
government, to enable them receive their salaries,” the Adamawa State
Commissioner of Finance said.
Meanwhile, the Accountant General
of Federation on Wednesday signed the mandates for the Central Bank of Nigeria
to pay the approved revenue allocation into the accounts of the Federal, State
and Local Governments.
Giving further breakdown of the revenue
distribution, the Finance Minister said the Federal Government received
N257.927 billion of the net statutory revenue as against the N249.366 billion
received in the previous month, while the State and Local Governments’ share of
the statutory revenue was N130.824 billion and N100.86 billion, respectively.
States and Local Governments had
last month got N126.482 billion and N97.512 billion, respectively.
The 13% derivation accounted for
the balance of the statutory revenue of N57.356 billion.
The 36 States received Value
Added Tax of N42.935 billion compared with N46.39 billion received in the
previous month, while the Federal and Local Governments received VAT of N12.88
billion and N30.054 billion, respectively.
Both Federal and Local
Governments had received N13.917 billion and N32.473 billion, respectively,
from VAT in February 2018.
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