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The three tiers of government, yesterday, shared a total sum of N409.354 billion for the month of May, a N30.113 billion increase over the N388.339 billion shared in the month of April.
The breakdown shows that N324.061 billion was gotten from statutory allocation, N56.04 billion from Value Added Tax (VAT) N6.330 billion as refund by the Nigeria National Petroleum Corporation (NNPC) to Federal Government, as well as the N31.240 billion exchange gain.
A break-down of the distributions showed that the Federal Government got N151.805 billion from statutory allocation, which represents 52.68 percent, while states and local governments received N76.998 billion and N59.362 billion respectively, representing 26.72 per cent and 20.60 per cent.
The Federal Government received N182 billion from VAT, the states and local governments got N27.274 billion and N19.092 respectively.
Oil producing states shared N29.071 billion as the 13 percent derivation against 23.109 billion shared in the previous month.
Following the Federal Accounts Allocation Committee (FAAC) meeting, the Permanent Secretary in the Ministry of Finance, Mrs. Anastasia Nwaobia, told journalists that the gross revenue of N324.061 billion received for the month was higher than the N282.062 billion received in April by N41.999 billion, due to the improvement from the refund to Federal and the exchange gain added to the revenue.
Nwaobia said Federal Government has taken steps to block all the identified leakages in the system and hoped that the source of revenue to government will continue to improve in coming months.
Under the excess crude account, ECA, she explained that the reserve stood at $2.78 billion as at yesterday, from which they had the refund of N6.360 billion.
The post FG, States, LGs, Share N409bn For May appeared first on Naijabams.
The immediate past Minister/Deputy Chairman, National Planning Commission (NPC), Dr. Abubakar Sulaiman has faulted President Buhari’s claim that the immediate past government left behind an empty treasury.
Pres. Buhari had in a media parley with state House correspondents on Monday June 22nd calimed that his administration met ‘virtually an empty treasury’. In a statement released yesterday June 23rd, Dr Suleiman said the Good luck administration left behind $30 billion in the national treasury.
He argued that saying the past government did not leave behind any money implies that revenue generating agencies of the government seized to work before and after the Goodluck administration ended on May 29th .
“Government can’t tell us that there is no Excess Crude Account (ECA), Sovereign Wealth Fund (SWF) or are we saying the Federal Inland Revenue Service (FIR) and related agencies had not in the last one month been generating revenue? Until they are able to prove they had no receipts from these government agencies in the last one month before Nigerians can now buy into Mr. President’s claims of an empty treasury. Money made by government is meant to be spent, and this the immediate past administration did responsibly. Every government operates on deficit even in the so-called western world, including the US which today remains one of the largest debtor nations in the world. Is it not on record that President Obama inherited $3 trillion debt, a collapsed banking sector and mortgage industry, yet he never raised any alarm.
None of these has happened in Nigeria under Jonathan. Under Jonathan, Nigeria became the largest Africa economy and 26th in the world amidst deadly security challenges and dwindling international prices of oil. In spite of all these, the Federal Government never owed salary. Upon inception of Jonathan’s administration, it is on record that the price of oil at the global stage was over $100 per barrel and at the close of the administration, it dropped to $46. Yet, there wasn’t collapse of government and federal civil servants were paid as at when due. It will be misleading, therefore, for our respected President Muhammadu Buhari and indeed the ruling APC to claim to have met an empty treasury. Aspiration to governance is a call to meeting and confronting challenges headlong. So, we urge the APC-led government to hit the ground running as promised Nigerians by confronting the challenges. We are not in doubt of the capability of Mr. President to do it. He should, therefore, get to business, put in place structures and personnel to redeem the pledges made to Nigerians
The post Former Minister faults Buhari’s claim of meeting empty treasury, says GEJ left behind $30bn appeared first on Naijabams.
Armed robbers are said to currently be operating at a bank in the Ikorodu area of Lagos.
The incident is reportedly taking place near the Dangote Factory in the Ogolonto area of the town.
Police officers in the area have responded and are presently engaged in gunfire with the robbers.
“Our officers are responding to armed robbery at #Ogolonto, Ikorodu Lagos. Citizens are advised to stay off vicinity,” the police revealed via Twitter.
NB Team
The post BREAKING NEWS: Bank Robbery Currently Happening in Ikorodu, Lagos appeared first on Naijabams.
A friend shared this picture with me on Whatsapp and ask how much will be required to clothe them. Seriously, its time we set our priorities right in this country. We are not asking government to be dashing people money, we are only asking for policies that will create an environment where entrepreneur can survive. Where farmers will be rewarded for their labour.
It is well with my country. Amen!!
The post Set Of People Who Need Wardrobe Allowance Not Our Senators – Photo appeared first on Naijabams.
A new ‘smart condom’ was created by a group of teenage students for the Teen Tech awards, which they claim will glow different colors if it detects an STD!
The creators said the condom will work with a layer of chemicals on the surface that will attach to bacteria and viruses from STDs.
Here are the colors that the condom will change if STDs are detected:
“glow green for chlamydia, yellow for herpes, purple in the presence of the human papillomavirus which causes genital warts, and blue for syphilis.”
Not only will the “smart condoms” make you aware if your partner might have an STD, one of the designers explained:
“We wanted to create something that makes detecting harmful STIs safer than ever before, so that people can take immediate action in the privacy of their own homes without the invasive
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Armed robbers have shot dead a pastor of the Lord’s Chosen Church in the Ijesha area of Lagos. The deceased, identified as Chukwuemeka Akpokpo, who was driving one of the church’s buses, was reportedly attacked by the robbers on Monday at Alakoso Avenue, off Ijesha bus stop.
The pastor was said to be returning with a sum of money collected from a bank at Apple Junction, FESTAC Town, when the incident occurred. He was said to have been shot in the head, while the robbers made away with the money.
A resident, who claimed to be an eyewitness and identified himself simply as Cornelius, said the robbers, who were two on a motorcycle, had lurked in the area, waiting for the cleric.
He said, “It was at about 3pm. The cleric was shot by armed robbers at Alakoso Avenue, off Ijesha bus stop. The attack and the killing of the pastor showed that it was based on information.
“They had been lurking around the area for a while, but no one suspected that anything was fishy. When they saw the church vehicle approaching, they stopped him and asked where the money was.
“The pastor replied, ‘Which money?’ They did not even wait for any explanation. One of the robbers went inside the vehicle and took the money. The other gang member then shot him in the head.”
It was learnt that Akpokpo was rushed to a branch of the church in the Ijesha area, and then to a hospital, where he was confirmed dead.
The Lagos State Police Public Relations Officer, DSP Kenneth Nwosu, confirmed the incident, adding that the matter had been transferred to the Department of Criminal Investigations, Yaba
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