Monday, August 1, 2016

Buhari's regime got N2.2trn from Federation Accounts in one year - Report

The Federal Government, under President Mu­hammadu Buhari, re­ceived a total of N2.2 trillion from the Federation Accounts between June 2015 and May 2016, the Economic Confiden­tial magazine has declared.
According to the report, which was made available to The AUTHORITY at the week­end, the incumbent adminis­tration got N412.60 billion, the highest allocation, in July 2015 and the least vote of N113.80 billion in May 2016.
The report also showed that in June 2015, the Federal Gov­ernment received N173.91 bil­lion made up of N159.72 bil­lion for Consolidated Revenue Fund, N3.27 billion for share of derivation and ecology, N1.63 billion for Stabilisation Fund, N5.49 billion for development of natural resources and N3.78 billion for the Federal Capi­tal Territory Administration (FCTA).



In August, September and October 2015, the administra­tion received N216.99 billion, N180.86 billion and N162.93 billion, respectively.

Between November and De­cember 2015, the Federal Gov­ernment also got N205.15 bil­lion and N151.64 billion to end the year.
The report further showed that at the start of 2016 and pre­cisely January, the Federal Gov­ernment received N175.04 bil­lion made up of N160.87 billion for Consolidated Revenue Fund; N3.10 billion for its share of der­ivation and ecology; N1.77 bil­lion representing that of Stabili­sation Fund, while development of natural resources and the FCTA stood at N5.46 billion and N3.82 billion respectively.
The Economic Confiden­tial described February, March and April 2016, as the peak of “low returns on investment” as the Federal Government wit­nessed in a descending order of N150.32 billion, N139.36 bil­lion, N120.92 billion to close the first quarter in a not too-cheer­ing manner.

The magazine had recently published the allocations from the Federation Accounts 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 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 percent.

The report revealed that the Internally Generated Revenue (IGR) of N268bn by Lagos State in 2015 is more than that of 32 other states put together which was a total of N257bn.
The Report indicated that apart from the allocations from the Federation Account as at the end of March this year, the 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.
Recently, the Finance Min­ister, Mrs. Kemi Adeosun, dis­closed that the TSA has signifi­cantly witnessed an increase to N3.3 trillion in May 2016, noting that the Finance Ministry had discovered revenue platforms which had escaped its net, es­pecially shipping levies, airport landing charges and visa fees, amongst others.

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