Federation account: Buhari’s govt expended N2.2tr in one year

-
kmaThe Federal Government under President Muhammadu Buhari got a total N2,203,573,573,563.25(Two trillion, two hundred and three billion, five hundred and seventy-three million, five hundred and seventy-three thousand, five hundred and sixty-three naira and twenty-five kobo) from the Federation Account as allocation between June 2015 and May 2016, the Economic Confidential reports.
In what was contained in its recent search, the administration under Buhari’s watch got the highest allocation in July 2015 with N412.60 billion and the lowest allocation within the period under review of N113.80 billion in May 2016!
The report further reveals that in June 2015, the Federal Government received N173.91 billion made up of N159.72 billion for consolidated Revenue fund, N3.27bn for share of derivation and ecology, N1.63bn for Stabilization fund, N5.49bn for development of natural resources,   and N3.78bn for the Federal Capital Territory Administration.
In  August, September and October 2015, it  received N216.99bn, N180.86bn and N162.93bn  respectively. Between November and December 2015 the federal Government also got N205.15bn and N151.64bn to end the year.
At the start of 2016 and precisely January, it received N175.04bn made up of N160.87bn for consolidated revenue fund, N3.10bn for share of derivation and ecology, N1.77bn representing that of stabilization fund, while development of natural resources and FCT stood at N5.46bn and N3.82bn respectively.
As for the month of February, March and April this year it was the peak of  “low returns on investment” as the federal Government witnessed in a descending order of N150.32bn, N139.36bn, N120.92bn  to close the first quarter  in a not too- cheering manner.
Recall that Economic  Confidential had recently investigated and published the allocations from the federation account to states and local governments in the country in the last one year, apart from Internally Generated Revenue(IGR) accruing to the 36 states of the federation and Abuja. It has also published what major revenue collecting agencies have also received within the period.
The report on IGR indicated that only Lagos State generated more revenue than the allocation from the Federation Account which was about 150%.
Economic Confidential also revealed that the internally generated revenue (IGR) of N268bn by Lagos state in 2015 is more than that of 32 other states put together that generated a total of N257bn.
Meanwhile Economic Confidential gathered that apart from the allocations from the Federation Account, as at the end of March this year, total inflows into the Treasury Single Account(TSA) of the Federal Government under President Buhari stood at N3 trillion while the number of Ministries, Departments and Agencies (MDAs) rose to 976.
However, Finance Minster, Kemi Adeosun recently disclosed that TSA  has significantly witnessed an increase to N3.3 trillion in May 2016, noting that the Finance Ministry had continuously discovered revenue platforms that had escaped its net especially, shipping levies, airport landing charges, visa fees amongst others.

Comments

Post a Comment

Popular posts from this blog

FINIQUE TRENDS

-
Image
An eye catching combination of sleek African prints with dramatic American flapper details. The attempt was to blend two extraordinary but very diverse cultures and strike a stunning balance between old world glamour and present day charm with our Great Gatsby style pieces that pulls inspiration from both cultures. The 1920s, the year of the Great Gatsby is known for unprecedented economic prosperity, the evolution of jazz music, flapper culture, and forging of a genuine mass culture. Africa is currently witnessing its own cultural renaissance in music, dance, fashion and the arts generally. Characterised by bold, vibrant prints, laces, fringes, mesh and ornate details; these looks mixes classic flapper ideas with bright contemporary pieces for a look that hints at old world but is full of life as it is today. We went for a 1920s American aesthetic mixed with new age African ideas for the entire collection. According to the Creative Director of FINIQUE STITCHES, MIS...
Read more

Tottenham receive major injury boost prior to Juventus clash

-
Image
Share with Facebook Tweet on Twitter Send Email Copy to Clipboard Tottenham receive major injury boost prior to Juventus clash By Jamie Brown Created on: March 3, 2018 2:24 pm Last Updated: March 3, 2018 2:25 pm Jan Vertonghen has returned from injury to face Huddersfield Town this afternoon and just in time to face Juventus in the Champions League in midweek. Tottenham Hotspur host the Italian champions at Wembley on Wednesday with the tie currently poised at 2-2 following an enthralling first-leg in Turin. Vertonghen’s has missed Spurs’ previous two outings with an ankle injury, however, his return hands his side a huge boost ahead of Wednesday’s crunch match. Jan back Pochettino makes two changes from the side that beat Crystal Palace last week as Jan Vertonghen and Heung-min Son come in for Victor Wanyama and Erik Lamela. Meanwhile, Lucas Moura will have t...
Read more

Senate says Nigeria accounts for 40% of gas flared annually in Africa

-
Image
Senate says Nigeria accounts for 40% of gas flared annually in Africa The Senate said on Wednesday that Nigeria accounts for over 40 per cent of the gas flared annually across Africa,  which amounts to about $7 billion in waste, Vanguard reports. It also declared Nigeria was losing over $2.5 billion to gas-flaring  annually and that the country also accounts for an estimated two billion standard cubic feet of flared gas, which amounts to about 19 per cent of gas flared globally. The upper legislative chamber has, therefore, set in motion a machinery to repeal the 39-year-old law which recommends only N10 as fine for gas flaring. Declaring open a public hearing on Gas Flaring (Prohibition) Bill 2017, Senate President, Dr Bukola Saraki, noted that gas-flaring remained a matter of great national embarrassment ...
Read more