No Figure On Returned Loot Yet – Finance Ministry




The Federal Government is yet to put a specific figure to the amount of money so far returned by those who looted the treasury, as disclosed by President Muhammadu Buhari. The Minister of Finance,  Mrs. Kemi Adeosun,  told journalists , at yesterday’s Federation Accounts Allocation Committee , FAAC, meeting, in Abuja, that the process was still on-going.

Meanwhile, the sum of N 400. 310 billion was shared among the three tiers of government as revenue earned in the month of October  and meant for November expenditure.  It represent a N78.314 billion increased above the N321.996 shared in the previous month. The federal government took a total of N200.662 billion from both federation Account and Proceeds of Value Added Tax, VAT. States and Local Governments received N126. 177 billion and N95.303 billion, respectively.  The oil producing states got an additional N24.141 billion as derivation on oil revenue.According to her, when collated, the funds would be returned to where they were stolen from as appropriate. Her words, “There is no figure on the funds being returned yet.  The process is on-going.  When it is completed and the accounts are available, they would be returned to where they were stolen from.  We haven’t come to that yet.”

The revenue organizations, namely the Federal Inland Revenue Service, Nigeria Customs Service and the Department of Petroleum Resources, DPR were paid , N6.650 billion, N3.535 billion, and N1.531 billion, respectively, as cost of collection. An analysis of the revenue sources showed that the Non-Mineral revenue has surpassed earnings from the Mineral sector with the former accounting for N213. 080 billion to the latter’s N187.230 billion of what was shared.

The Nigerian National Petroleum Corporation paid N6.330 billion to the central coffers as refunds, while N6. 6995 was also earned from Exchange Gain.

Comments

Post a Comment

Popular posts from this blog

Nigeria’s COVID-19 Response and Post-Lockdown By ANAP Foundation

Image
The unprecedented global COVID-19 pandemic is changing the face of human society and its systems, from healthcare to education, consumption patterns, the world of work, value systems, political regimes and legal systems. The condition was first reported in Nigeria in February 2020, and within a few weeks of its onset, we had entered the community transmission phase. Today, there are more than 16,000 confirmed cases of COVID-19 across 35 States and the FCT, and over 400 deaths and counting. How Nigeria recovers from the effects of the infection will depend on the innovations we are willing to introduce and the reforms we are committed to implementing in the various sectors of our society.
Read more

Before We #EndSARS… By Jude Ndukwe

Image
There has been an ongoing campaign by some Nigerians calling for the scrapping of the Special Anti-Robbery Squad, SARS, a unit in the Nigeria Police Force. This call is being ignited by a plethora of complaints against men and officers of the special unit. Such complaints range from torture, its use by some powerful citizens to settle their scores against lesser mortals, unprovoked brutalization of innocent citizens, summary execution of suspects etc.
Read more

Why We Must Implement Diaspora Voting System By Hon. Alex Obi-Osuala

Image
Diaspora votes must count in Nigeria. This is my position/opinion. If not because of the dubious nature of the officials in the government of Nigeria, one does not see any reason why Nigerians in Diaspora shouldn’t be voting as done in most countries of the world. Their votes would have been making a great difference, and give them a sense of belonging and participation in the affairs of the nation.
Read more