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Fg Explains How N2.73t Revenue Shortened To N2.53t

Fg Explains How N2.73t Revenue Shortened To N2.53t

FG EXPLAINS HOW N2.73T REVENUE SHORTENED TO N2.53T

BY OMOKHUALE PUAH

The News Agency of Nigeria (NAN) yesterday reported that the Federal, State and Local government have allotted a sum of N2.53 trillion, as proceeds of the revenue from the federation account of January to July.

This report was obtained from the documents filed by the ministry of Finance, which showed that the revenue was N2.73 trillion, but certain deductions were made for cost of collection, by the Nigeria custom service at seven percent, Federal Inland Revenue service at four percent and the Department of petroleum resources at four percent.

The funds usually, are distributed the next month, but as regards this for January and July, it was obviously generated between December 2015 and June 2016.

According to review, N1.1 trillion was allotted to just the Federal government, N727.5 billion was allotted to the State government, and N544.9billion was allotted to the Local government.

This allotment was based on the formula of the federal government, receiving revenue of 52.68 percent, a percentage of 26.72 for the state and 20.6 percent for the local government.

The oil producing state distributed an additional N148.1billion, which was based on the 13 percent derivation. This distribution was gotten from the mineral earnings of the Nigerian National Petroleum corporation (NNPC) and DPR and some none mineral revenues from the customs and FIRS.

Following the report, additional revenue came from Petroleum Profit Tax, import Duty, Exchange gains and NNPC refunds.

In May this year, N1.5 billion was distributed as excess bank charges, which was recovered into the Federation account and allotted between the three governmental tiers.

In the review, it was recorded that in January this year, N417.1billion was distributed, as the Federal government was allotted N180.3billion , as the state was allotted N113.5 billion and N85.4billion was allotted the Local governments, as N208.2 billion was distributed as the revenue derivation.

In February this year, N370.3 billion was distributed. The Federal Government received an allocation of N155.4 billion, the state government received N104 billion and the Local government received N77.8 billion.

In March this year, N345.1billion was distributed as revenue. The federal government received a sum of N144.5 billion, N96.4 billion was allocated to the state government and the Local government received N72.1 billion, while a list of oil producing states received N23.2billion in addition.

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FG IMPROVES 2017 BUDGET

FG IMPROVES 2017 BUDGET

 

FEDERAL GOVERNMENT IMPROVES 2017 BUDGET

BY: OMOKHUALE PUAH

 

Due to the inconsistency associated the 2016 budget, the Federal Government had on Monday, commenced a training section for the planning and budget officers in 800 Ministries, Departments and Agencies (MDAs) in Nigeria.

 

This was incorporated in the statement made by the Director of Information in the ministry, Mr. Charles Dafe, during an address to the news agency of Nigeria (NAN) in Abuja. It was also reviewed by the Minister of State Budget and National Planning, Haija Zainab Ahmed, during a visitation made by the Association of National of Accountants (ANAN).

 

It was also revealed that the 4,254 officers selected across the six geopolitical zones of Nigeria would be trained on Zero Based Budgeting (ZBB), which will ensure a more improved and realistic 2017 budget.

 

According to Sen. Udoma Udoma, “In a bid to implement the federal government’s ZBB strategy, we need to equip the planning and budget officers in our MDAs, with the skills and technicalities  required for the ZBB, using the budget preparation platform”.

 

In an account given by Udoma, it was discovered that 1,830 people were drawn from Abuja and people from the North central are being trained in Abuja, 384 officers from the North East are trained in Gombe: 504 officers from the North West are trained in Kaduna, 408 are trained in Lagos, while 486 from the south west are trained in Ibadan, 330 from south-South are holding their training in Uyo, while 318 officers from South East are trained in Enugu.

 

 

She pleaded with the association to help in this administration by fighting corruption. She also urged the accountants to block illegal release, by making themselves always accountable. “Since the organizations slogan is change, we would in our best capacity bring accountability and transparency to Nigerians”.

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