Global stocks sank Wednesday after US President Donald Trump said he was not satisfied with talks that are aimed at averting a trade war with China. Equities were also dented by poor eurozone economic data, and as Trump cast doubt on a planned summit with North Korean leader Kim Jong Un. “Trump (is) continuing to drive uncertainty over global trade,” said analyst Joshua Mahony at trading firm IG. “European markets are following their Asian counterparts lower, as a pessimistic tone from Trump is compounded by downbeat economic data,” he added. Markets had surged Monday after US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He said they had agreed to pull back from imposing threatened tariffs on billions of dollars of goods, and continue talks on a variety of trade issues. However, Trump has declared that he was “not satisfied” with the status of the talks, fuelling worries that the world’s top two economies could still slug out an economically pain...
The 36 states shared N173.8 billion from the Federation Account in September from the distributable revenue generated for the month.
The breakdown was obtained by the News Agency of Nigeria (NAN) in a report from the office of the Accountant-General of the Federation in Abuja. The funds are usually shared in the succeeding month
For example, revenue generated in January is shared in February; thus, the revenue shared was actually generated in August and shared in September.
The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service and the Nigerian Customs Service.
NAN reports that at the last Federation Account Allocation Committee (FAAC) meeting in September, federal, states and local governments shared N637.7 billion.
The report showed that the revenue distributed included the Gross Statutory revenue, Value Added Tax, exchange gains and Petroleum Profit Tax.
The report showed that before distribution to the states, their liabilities were first deducted.
The liabilities include a total external debt of N2.67 billion, contractual obligations of N9.58 billion and other deductions amounting to N18.2 billion.
The report showed that the other deductions covered National Water Rehabilitation Projects, National Agricultural Technology Support, Salary bailout, Payment for Fertilizer, State Water Supply Project, State Agriculture Project and National Fadama Project.
To sum it up, here is what the 36 states got after all deductions were made.
Abia N4.04 billlion, Adamawa N4.02 billion, Cross River N2.85 billion, Ekiti N2.94 billion, Edo N4.5 billion, Kaduna State N5.4 billion, Kano State N6.8 billion, Lagos state N8.8 billion, Rivers N12.45 billion, and Zamfara, N3.05 billion.
Delta got N14.2 billion, Anambra N4.3 billion, Benue N4.2 billion, Borno N4.9 billion, Ebonyi N3.76 billion, Enugu State N4.07 billion, Gombe State N3.39 billion, Nassarawa State N3.74 billion, Imo N3.96 billion and Kogi N4.24 billion.
Yobe also got N4.15 billion, Taraba, N3.6 billion, Sokoto state N4.1 billion, Plateau N3.38 billion, Oyo State N4.8 billion, Osun N1.6 billion, Ondo State N4.64 billion, Ogun N3.04 billion, Niger N4.61 billion and Kebbi N4.26 billion.
Similarly, Katsina state got N4.66 billion, Bayelsa N10.88 billion, Bauchi State N4.34 billion, Jigawa N4.67 billion, Akwa Ibom, N12.94 billion and Kwara N3.53 billion.
The report also showed that the Federal Capital Territory got N5.74 billion from the Federal Government’s share of the distributable revenue in September.
From the data, the top 10 earning states from the federation account for the month are Delta, Akwa Ibom, Rivers, Bayelsa, Lagos, Kano, Kaduna, Borno, Oyo, Jigawa state in that order.
The 10 lowest earners for the month are Osun state, Cross River, Ekiti, Ogun state, Zamfara, Plateau, Gombe, Kwara, Taraba and Nassarawa state.
NAN reports that the FAAC committee is made up of commissioners of finance and Accountants-General from the 36 states of the federation; the Accountant General of the Federation, and representative from the NNPC.
Others are representatives from the Federal Inland Revenue Service; the Nigerian Customs Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria.
The federation account is currently being managed on a legal framework that allows funds to be shared to the three tiers of government under three major components.
These components are the statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.
The breakdown was obtained by the News Agency of Nigeria (NAN) in a report from the office of the Accountant-General of the Federation in Abuja. The funds are usually shared in the succeeding month
For example, revenue generated in January is shared in February; thus, the revenue shared was actually generated in August and shared in September.
The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service and the Nigerian Customs Service.
NAN reports that at the last Federation Account Allocation Committee (FAAC) meeting in September, federal, states and local governments shared N637.7 billion.
The report showed that the revenue distributed included the Gross Statutory revenue, Value Added Tax, exchange gains and Petroleum Profit Tax.
The report showed that before distribution to the states, their liabilities were first deducted.
The liabilities include a total external debt of N2.67 billion, contractual obligations of N9.58 billion and other deductions amounting to N18.2 billion.
The report showed that the other deductions covered National Water Rehabilitation Projects, National Agricultural Technology Support, Salary bailout, Payment for Fertilizer, State Water Supply Project, State Agriculture Project and National Fadama Project.
To sum it up, here is what the 36 states got after all deductions were made.
Abia N4.04 billlion, Adamawa N4.02 billion, Cross River N2.85 billion, Ekiti N2.94 billion, Edo N4.5 billion, Kaduna State N5.4 billion, Kano State N6.8 billion, Lagos state N8.8 billion, Rivers N12.45 billion, and Zamfara, N3.05 billion.
Delta got N14.2 billion, Anambra N4.3 billion, Benue N4.2 billion, Borno N4.9 billion, Ebonyi N3.76 billion, Enugu State N4.07 billion, Gombe State N3.39 billion, Nassarawa State N3.74 billion, Imo N3.96 billion and Kogi N4.24 billion.
Yobe also got N4.15 billion, Taraba, N3.6 billion, Sokoto state N4.1 billion, Plateau N3.38 billion, Oyo State N4.8 billion, Osun N1.6 billion, Ondo State N4.64 billion, Ogun N3.04 billion, Niger N4.61 billion and Kebbi N4.26 billion.
Similarly, Katsina state got N4.66 billion, Bayelsa N10.88 billion, Bauchi State N4.34 billion, Jigawa N4.67 billion, Akwa Ibom, N12.94 billion and Kwara N3.53 billion.
From the data, the top 10 earning states from the federation account for the month are Delta, Akwa Ibom, Rivers, Bayelsa, Lagos, Kano, Kaduna, Borno, Oyo, Jigawa state in that order.
The 10 lowest earners for the month are Osun state, Cross River, Ekiti, Ogun state, Zamfara, Plateau, Gombe, Kwara, Taraba and Nassarawa state.
Others are representatives from the Federal Inland Revenue Service; the Nigerian Customs Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria.
The federation account is currently being managed on a legal framework that allows funds to be shared to the three tiers of government under three major components.
These components are the statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.
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