Skip to main content

FAAC allocations: Investment bank advocates fiscal discipline

FAAC allocations: Investment bank advocates fiscal discipline

confab

FBNQuest, a subsidiary of First Bank of Nigeria Plc, has called for caution in disbursement of the monthly allocations from the federation account by the three tiers of government.

The investment bank said the need to exercise caution has become necessary given the 9.4 percent decline in the gross allocation in December from November and the incessant complain by government at all levels of lack of funds to execute even routine maintenance.

READ ALSO:Sokoto lawmakers loyalty to APC remains unshakeable ― Speaker(Opens in a new browser tab)

The company noted in its Research note that N130 billion was distributed among the 774 local governments in the country, saying: “We note that N130 billion compared with N145 billion was distributed to local governments; there are 774 of them. Fiscal discipline is required on all government levels, including the local governments. Some struggle with routine maintenance and cite lack of funds as the reason.”

Recall that the gross monthly payout by FAAC to the three tiers of government declined by N66 billion or 9.4 percent to N636 billion (US$1.75bn) in December from N702 billion in November.
The communiqué of the FAAC meeting, released by the accountant-general of the federation, noted that receipts from excise duty increased marginally. Meanwhile, receipts from Value Added Tax (VAT) companies’ income tax, import duty, royalties and petroleum profit tax (PPT) recorded decreases. The balance in the excess crude account stood at US$325 million as at November.
Breakdown showed that the gross payout consisted of the gross statutory allocation of N492 billion, the VAT pool of N90 billion (compared with N105 billion recorded in the previous month and an exchange-rate gain of N785 million. The fees and charges of the collection agencies consumed N16 billion of the total declared, lower than the N19 billion received in the previous month.
The payout to state governments including the 13 percent derivation bonus of N49 billion for oil-producing states amounted to N173 billion compared with N242 billion from November’s distribution.

The post FAAC allocations: Investment bank advocates fiscal discipline appeared first on Vanguard News.


https://ift.tt/37jt3FL by Urowayino Jeremiah via Vanguard News Albert Einstein Fools of Fortune
Labels:

Comments

Post a Comment

Popular posts from this blog

Where is Aguleri Located?

Aguleri is a prominent town often associated with the mighty river called Omabala wgiyflows through it. It is home to a lot of great men and women of Anambra Stare - notably Willie Obiano. History had it that it was the cradle of Igbo people established by Eri, son of Had, son of Jacob (you got to read your Bible babe). Where is Aguleri located? It can be foueat the north eastern part of Nigeria. They share boundaries with Kano, Umueri, Anam and Nando httpss://twitter.com/share https://google.com https://www.alexa.com/siteinfo/google.com https://www.quantcast.com/google.com https://sharedcount.com/?url=https://google.com https://www.similarsites.com/site/google.com https://facebook.com https://www.alexa.com/siteinfo/facebook.com https://www.quantcast.com/facebook.com https://sharedcount.com/?url=https://facebook.com https://www.similarsites.com/site/facebook.com https://youtube.com https://www.alexa.com/siteinfo/youtube.com https://www.quantcast.com/youtube.com
Post a Comment
Read more

How to jump-start Nigeria economy post-COVID-19 Pandemic

Nwali Tochukwu Watching with consternation the fall out of events, actions, and inactions of our Nigerian leaders on mitigating the negative impact of COVID-19 Pandemic disruptions on our social and economic lives. As a young dynamic business and entrepreneurship writer, and author cum small business owner, what came into my mind as we navigate the storms of COVID-19, was a common English phrase Adages, Proverbs, first recorded in Fuller’s Gnomologia, 1732: ‘A stitch in time saves nine’ which was translated to literally, solve the problems right now! Why procrastinating? If we, as a nation wants to break away from past mistakes, and present mistakes, we should hold the bull by the horn right now. And avoid the roads of political expediency. That is exactly what the stitch in time simply stood for. Promptly address issues posed by Coronavirus. By quickly sewing up of a small hole or tear in a piece of material, so saving the need for more stitching at a later date when the whole ha
2 comments
Read more

A lot of people think of actresses as prostitutes ― Joke Lawal

On-the-rise actress, Joke Lawal is living up to the title bestowed on her in 2016 as Nollywood New Bride by White Cowry Awards as the one-time City People Awards nominee is rapidly becoming a force to reckon with in the make-believe world. The Moshood Abiola Polytechnic graduate who dumped her degree in Business Administration in pursuit of her passion for acting in a chat with Potpourri has revealed what she hates about being an actress and what she would love to see a change in the movie-making landscape. ALSO READ:  Buhari urges Nigerians to pray for peace, unity “I would like to change people’s perception of actresses. A lot of people think of actresses as prostitutes, they see us as people who are not worthy of marriage and having a family. If I have the power this is something I will like to change. I will also like to see a change in the way our stories are written and interpreted, and in the quality of our film productions. Another thing I would like to change too is, how po
Post a Comment
Read more