NewsExpress banner First Bank Fashion Souk Fidelity bank card banner Umm Sulaim's Thoughts Camano banner

Federal revenue collection shooting up under Buhari, says Accountant General as FAAC shares N511bn

By News Express on 31/08/2015

Gmail icon

Views: 2,624


The Office of the Accountant General of the Federation has said that the introduction of Treasury Single Account (TSA) will boost revenue collections against leakages and ensure timely disbursement of funds to beneficiaries of the Federation Accounts among others.

The Accountant General of the Federal, Alhaji Ahmed Idris, made the disclosure during separate courtesy visits to his office by managements of United Bank for Africa (UBA), Access Bank and Zenith Banks in his office.

He said the TSA is part of the reforms of the government to institutionalise a more effective and transparent management of public finances in the country.

Ahmed Idris added that the compliance to the Presidential directive on the implementation of TSA is to promote transparency and facilitate compliance with sections 80 and 162 of the 1999 Constitution as it paves way for the timely capture and payment of all due revenues into government coffers.

The TSA is a unified structure of government bank accounts enabling consolidation and optimal utilisation of government cash resources. It is a bank account which the government transacts all its receipts and payments and gets a consolidated view of its cash position at any given time. The system also eradicate loss and leakages of legitimate revenue meant for the Consolidated and federation accounts.

Meanwhile, the Accountant General of the Federation has disclosed that there had been noticeable improvement in Non-Oil revenue against Mineral Revenue in July 2015 which was shared last week at the meeting of the Federation Account Allocation Committee (FAAC).

In a communique he issued at the FAAC in Abuja, Ahmed Idris presented a total sum of N511 billion for distributions to the beneficiaries of the Account.

The allocation comprised the month’s Net Statutory revenue of N411.866 billion, Value Added Tax of N71. 947 billion and an Exchange gain of N6.409 billion.

In the net statutory allocation, Federal Government received N202 billion (52.68%); State Governments received N102billion (26.72%); Local Government Councils received N79 billion (20.60%); while the Oil Producing States received N28.209 billion as 13% derivation revenue.

On the Net Revenue from the Value Added Tax (VAT) of N71.947 billion, the Federal Government received N10.792 billion (15%); States received N35.974 billion (50%) while the Local government Councils received N25.181 billion (35%).

Other allocation made at the meeting included the Refund of N6.33bn by Nigeria National Petroleum Corporation (NNPC), Exchange Gain of N6.409bn among others.

Ahmed Idris attributed recent shortfall in the oil revenue to shut-down and shut-in of production for maintenance and emergency repairs as well as declaration of Force Majeure by SPDC.

Source News Express

Posted 31/08/2015 10:05:21 AM

 

 

CLASSIFIED ADS

 

You may also like...
War looms in Cameroon

PDP demands full disclosure on Buhari’s London trip...

Onitsha tanker fire: Anambra Govt moves to document...

Naira exchanges for N306 to dollar at parallel...

A buffoon before a buffoon after

The 9 kinds of people supporting Buhari for...

Court adjourns trial of Dasuki’s ex-aide, Ashinze

Alleged mosque demolition: Ex-Rivers Works Commissioner berates Wike’s...

European American University honours Winco Foam Chairman

Residents flee as insurgents attack Borno village

Storms kill 3 in Cross River, destroy 632...

WHO, Ondo govt. differ on cause of mystery...

 

Latest News Oraifite Murders: Tension amid police manhunt for IPOB lawyer Nuclear power stations in Kogi, Akwa Ibom can wipe out Nigerians, others — Scientists APC governors, others move to reconcile Oshiomhole, Obaseki Restructuring Nigeria unavoidable — Fayemi Spain attack: IPOB lied — Amaechi Re-arrest of Sowore and Bakare a tactical blunder, says US-based lawyer How Kwara Governor, Speaker escaped EFCC investigation University lecturers must enrol in IPPIS — Buhari 2023: Rivers governorship not turn by turn — Wike 44 fake tertiary schools discovered in Bauchi EFCC probes NPC Directors for alleged 280m contract scam Missing cash at Bayelsa Govt House: Dickson orders quizzed security men to keep mum

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (569,915 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (455,763 views) Shameless Genevieve Nnaji exposes breasts in public (405,590 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (340,675 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (307,088 views) 10 cars more expensive than Jets (290,989 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (260,897 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (259,767 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (241,211 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (227,777 views) Lagos plane crash: Journalist releases victims’ names (203,565 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (200,028 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (111) Business & Economy (4,615) Business Verdict (89) Columnists (1,156) Complaints & Requests (97) Enterprise & Opportunities (221) Entertainment (716) Features (852) Global Business Monitor (497) ICT Monitor (72) International (4,308) Interview (219) Live Commentary (30) Love Matters (177) Maggie's Blog (510) News (54,972) Opinion (1,436) Pidgin (18) Politics (11,858) Religion (1,132) Sports (2,248) Stock Watch (40) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera