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Friday, 27 September 2019

NIGERIA BUDGETARY ALLOCATION AND THE CONTINUOUS MISERY OF THE PEOPLE (PART 3)

NIGERIA BUDGETARY ALLOCATION AND THE CONTINUOUS MISERY OF THE PEOPLE (PART 3)

The Federation Account Allocation Committee (FAAC) disbursed the sum of N679.7 billion to the three tiers of government in June 2019 from the revenue generated in May 2019.
The amount disbursed comprised of N571.73 billion from the Statutory Account, N106.83 billion from Valued Added Tax (VAT) and N1.41 billion exchange gain differences.

Federal Government received a total sum of N284.16 billion from the accrued N679.70 billion. States received a total of N187.61 billion and local governments received N140.10 billion. The sum of N40.44 billion was shared among the oil producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.55 billion, N11.03 billion and N5.92 billion respectively as cost of revenue collections..Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N227.44 billion was disbursed to the FGN consolidated revenue account; N5.10 billion was shared as part of derivation and ecology; N2.55 billion as stabilization fund; N8.57 billion for the development of natural resources and N6.09 billion to the Federal Capital Territory (FCT) Abuja.

JULY 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N762.6 billion to the three tiers of government in July 2019 from the revenue generated in June 2019.
The amount disbursed comprised of N652.95 billion from the Statutory Account, N108.63 billion from Valued Added Tax (VAT) and N1.02 billion exchange gain differences. The
Federal Government received a total of N309.43 billion from the accrued N762.60 billion. States received a total of N201.16 billion and local governments received N151.38 billion. The sum of N38.70 billion was shared among the oil producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.90 billion, N13.92billion and N4.10 billion respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N250.71 billion was disbursed to the FGN consolidated revenue account; N5.58 billion was parted as share of derivation and ecology; N2.79 billion as stabilization fund; N9.37 billion for the development of natural resources  and N6.58 billion to the Federal Capital Territory (FCT) Abuja.

Now do the calculation by yourself and know why South Africans are killing our people without thinking otherwise. Our people are being killed because of the wickedness of the so-called Nigerian leaders. They are killing our people because our youths are daft and would rather love and prefer worshiping the vampires (politicians), those that are draining and urinating on their graves of the slain.

Would you tell me now that if this mind-blowing amount of money was rightly and accurately channeled by the Nigerian government, citizens will be emigrating to countries for greener pastures? Will these monies not suffice in the developmental projects that will accommodate the people? These are questions that are begging for answers.

South African xenophobic attacks must be roundly condemned but we should know that our politicians first attacked and killed us before the South Africans. President Muhammadu Buhari called Nigerians thieves and their youths lazy. Lets us wait patiently for tomorrow that will never come when Nigeria will be better than South Africa. But as for me, I will proudly say Nigeria never existed.

Written by Obulose Chidiebere N.

Edited by Elemeghideonye Nnamdi Stephen
For Family Writers Press International

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