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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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Banky W, DJ Jimmy Jatt, Timi Dakolo, IK Ogbonna, Ushebebe, Ubi Franklin & others are in Ikoyi, Lagos for Iyanya/MMG video shoot for hot single, Applaudise. See more photos after the cut…
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Edo State Governor Adams Oshiomhole has called on President Muhammadu Buhari to block all leakages and then go after those who have stolen the country’s money and force them to return what they have taken unlawfully from the national purse.
Speaking with journalists after the meeting of the governors in the country where they deliberated on the country’s present financial situation and solutions, going forward, Oshiomole noted that the country’s financial issues is not just because oil prices have fallen but because some people have stolen.
“I think the media is not being accurate, the country is bankrupt, not just the states. The Federal Government’s finances are even worse, considering that they borrowed over N4 trillion. The entire funds for pension scheme has been drawn down by the Federal Government. It is because they borrow at will that you can’t seem to see that they are also bankrupt. So, when we talk of bankruptcy, we should be talking about serious national economic crisis that is not limited to states.
“What people don’t look at is that oil price is dropping. It is not the drop in oil price that is causing the crisis, it may have accentuated it, but it is not the primary cause. Even at $60 per barrel we could do a lot better if so much hasn’t been stolen, first under the so-called excess crude, direct stealing in the guise of subsidy, and stealing from excess crude to fund all kinds of things.
“We have various agencies, treasuries are empty. So, it is not because of the drop in oil price. The real way forward is for the new government to block all the leakages and then those who have taken it to return what they have taken unlawfully from the national purse.
“There will be enough even at $60 to keep Nigeria going. Government’s primary purpose is not just to pay salaries. Salaries are as a result of work and that work is people delivering services which is what the civil service is meant to do. We have to talk about government meeting its obligation to the people which of course include the payment of salaries.
“So stop the bleeding, stop the stealing and get those who have taken to vomit. For example, if you say you have $2.6 billion in excess crude account, we know that by May 2013 you had more than $10.5 billion in the excess crude account and now there has been no distribution to states.
“We expect that the excess crude must have appreciated. So why has it gone down to $2.5bn, when and for what? These are issues that need to be addressed and we must stop the bleeding. Obviously as they say no nation earns enough to meet the greed of leaders, but we earn enough to meet the legitimate need of our people. So. if we are not able to meet the need, it can’t be explained by drop in price.
“You recognise as media people that oil dropped to $9 under Gen. Abdulsalami Abubakar, but salaries were being paid. So. it is not about price, it is about very huge theft of public funds.
“In Edo State, we are up to date in the payment of salaries, we paid for May even before May 29, so we are paying not because we are rich, but I do appreciate that they have worked and deserve their pay. The payment of salaries is a legal obligation,” Oshiomole said.
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President Buhari has approved the sum of $21m aid in the fight against Boko Haram. Speaking at the AU summit yesterday ,he said
I am pleased to note that Cameroon, Chad and Niger are already showing this attribute by fighting alongside Nigeria under the umbrella of Multinational Joint Task Force to defeat Boko Haram.
“In this regard, the member countries of the Lake Chad Basin Commission and Benin met recently where far-reaching decisions were taken to immediately put into operations the Multinational Joint Task Force.
“To this end, the summit approved the immediate provision of $30m for the Multinational Joint Task Force.
“Consequently, out of the pledge of $100m, which Nigeria made to the Multinational Joint Task Force, I have directed that $21m be released within the next one week.”
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