Tuesday 16 June 2015

Neco 2015/2016 English Obj,Test of Orals And Essay Answers Now Here

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States’ Allocation Drops 30 percent From 2014 Estimate

The Central Bank of Nigeria (CBN) has explained why some states in the country have not been able to pay workers’ salaries.

According to the lender’s Economic Report for the month of April, the total statutory allocation to the state governments stood at N153.45 billion in April 2015. This is 30.6 and 22.9 percent below the 2014 monthly budget estimate and the level in the preceding month, respectively.

The dwindling revenue of federal, state and local government is as a result of falling oil prices. Oil accounts for about 75 percent of government revenue but prices have dropped by about 50 percent since the price peak of June 2014 pushing the country into a critical financial state that has led to budget cuts amongst other measures.

“The breakdown showed that at N119.27 billion or 77.7 per cent of the total, state governments’ receipt from the Federation Account was below both the 2014 monthly budget estimate and the level in the preceding month by 29.7 and 30.3 per cent, respectively,” the CBN said in its report.

“At N34.17 billion or 22.3 per cent of the total, receipts from the VAT Pool Account was below the monthly budget estimate by 33.4 per cent, but exceeded the level in the preceding month by 22.2 per cent. Total receipts by the local governments from the Federation Account and VAT Pool Account stood at N88.91 billion at end-April 2015.

“This was lower than both the budget estimate and the level in the preceding month by 33.8 and 19.7 per cent, respectively. Of this amount, receipts from the Federation Account were N64.99 billion (73.1 per cent of the total), while the VAT Pool Account accounted for N23.92 billion (26.9 per cent of the total).

“At N735.07 billion, estimated federally-collected revenue in April 2015, was lower than the monthly budget estimate by 9.8 per cent. It was, however, higher than the receipt in the preceding month by 35.8 per cent. The decline in estimated federally-collected revenue (gross) relative to the monthly budget estimate was attributable, largely, to the shortfall in receipts from oil revenue during the review month.

“At N286.24 billion or 38.9 per cent of total revenue, gross oil receipt was lower than the monthly budget estimate and the level in the preceding month by 36.8 and 21.5 per cent, respectively. The decline in oil receipts relative to the monthly budget estimate was attributable to the fall in receipts from crude oil and gas exports, occasioned by the drop in the price of crude oil in the international oil market.”

The report further stated that “gross non-oil receipts at N448.83 billion or 61.1 per cent of the total revenue was above the monthly budget estimate and the level in the preceding month by 23.9 and 154.1 per cent, respectively. The increase in non-oil revenue relative to the monthly budget estimate reflected largely, the increased receipts from the FGN Independent Revenue.

The gross federally-collected revenue of N307.45 billion (excluding deductions and transfers) was distributed among the three tiers of government.

“The Federal Government received N146.49 billion, while the state and local governments received N74.30 billion and N57.28 billion, respectively. The balance of N29.38 billion was distributed to the oil-producing states as 13.0% Derivation Fund. From the VAT Pool Account, the Federal Government received N10.25 billion, while the state and local governments received N34.17 billion and N23.92 billion, respectively.

In addition, N33.53 billion and N9.49 billion were distributed as Exchange Gain and NNPC Additional Revenue among the three tiers of government and the 13.0 per cent Derivation Fund as follows:

The Federal Government received (N15.37 billion and N4.35 billion), while the state and local governments received (N7.79 billion and N2.21 billion) and (N6.01 billion and N1.70 billion), respectively. The balance (N4.36 billion and N1.23 billion) was distributed to the oil-producing states as 13 per cent Derivation Fund.

“Furthermore, N6.33 billion was received by the Federal Government from the NNPC in respect of the eighth equal installment refund of indebtedness. Overall, the total allocation to the three tiers of government from the Federation Account and VAT Pool Account in the review month amounted to N425.14 billion, compared with N557.80 billion in the preceding month.

“At N452.38 billion, the estimated Federal Government retained revenue for April 2015 was above the monthly budget estimate and the receipts in the preceding month by 46.0 and 77.1 per cent, respectively. Of the total amount, the Federation Account accounted for 32.3per cent, while FGN Independent Revenue, others, VAT Pool Accounts, NNPC Refund and NNPC Additional Revenue accounted for 59.6, 3.4, 2.3, 1.4 and 1.0 per cent, respectively.

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Lady bites off rapist P*nis in Lagos (see photos)

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I just received this email from a LIB reader with shocking photos. Read her story below…

Here are pics of an incident that happened in my area last two Saturdays. A guy went to his friend’s place with his babe. A few hours later, the girl came out screaming rape rape rape. And later the guy came out too screaming help help help. The girl had blood on her clothes and then she was given a cloth to cover herself. But when the guy came out with blood on his body everyone was shocked and that’s when we knew the girl bit off his penis and this was done with her teeth. The guy was taken to the hospital but when they got to the hospital they realized that the other part was no longer there. They had to come back home to look for the remaining part, but by then its dead, though they stitched it he’s still in the hospital. Photos attached…

Now the photos are quite graphic so viewers discretion is advised…

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Please Don’t Dan Ogogoro, Distillers Plead With FG

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The National Agency for Food and Drug Administration and Control, NAFDAC, had last week, announced the ban of local gin, popularly known as Ogogoro and conduct sensitization across the country, due to the death of more than 60 people who had consumed the local gin in Rivers and Ondo states.
Now producers of Ogogoro, Okwagbe Distillers Union, Delta State, have appealed to the Federal Government not to ban the production of that brand of alcohol.

Reacting to NAFDAC’s resolution, Chairman of the union, Mr. Samuel Egedegbe, said that distilled gin does not kill, stating that”
“It is the Ogogoro produced from methanol that kills.” He said that their “distilled gin” is produced from palm wine derived from raffia palm or liquefied sugar mixed with yeast and well cooked before distilling the gin.”

He added:

“In the case of methanol, they do not have factories and they do not cook before distilling their gin. Rather, they only mix the methanol with water in their houses and automatically they have produced gin inside their bedrooms. On our part, we the members of the distillers union produce our gin through a scientific distillation process.

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