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Monday, August 1, 2016

BUHARI GOT N2.2 TRILLION IN ONE YEAR


The Federal Government, under President Mu­
hammadu 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, the incumbent adminis­
tration 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 bil­
lion, 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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