Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Favour & Akinola Ajibade
The trio of Federal, States and Local Governments have shared N655.932 billion in April this year with a view to enable them manage the day-to-day administration of country.
The shared funds came from the Federation Account Allocation Committee (FAAC).
This was disclosed in a communiqué issued at the end of the FAAC meeting for May 2023, according to a statement by its Director, Press and Public Relations, Stephen Kilebi.
The amount includes gross statutory revenue, value-added tax, exchange gain, electronic money transfer levies, and augmentations from forex and non-oil mineral revenue.
“The Federal Government received N248.809 billion, the states received N218.307 billion, the local government councils got N160.600 billion, while the oil producing states received N28.216 billion as derivation, (13% of mineral revenue).”
The gross revenue available from VAT for April 2023, was N217.743 billion, which was a decrease from the amount distributed in the preceding month.
“From that amount, the sum of N8.710 billion was allocated for costs of collection, and the sum of N6.271 was given for transfers and refunds. The remaining sum of N202.762 billion was distributed to the three tiers of government of which the Federal Government got N30.414 billion, the states received N101.381 billion, and local government councils got N70.967 billion.
“Accordingly, the gross statutory revenue of N497.463 billion received for the month was lower than the sum of N638.673 billion received in the previous month of March 2023. From that amount, the sum of N18.793 billion was given for the costs of collection and a total sum of N114.016 billion for transfers and refunds. The remaining balance of N364.654 billion was distributed as follows: Federal Government was allocated the sum of N180.659 billion, states got N91.632 billion, LGCs got N70.647 billion, and oil derivation (13% mineral revenue) got N21.716 billion.
“Also, the sum of N15.121 billion from the Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.177 billion, states got N7.258 billion, local government councils received N5.081 billion and the sum of N0.605 billion was allocated to costs of collection.”
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