TSA: Over N2.7 trillion collected

*As FG assures on payment of workers salaries *FG, states, LGs share N299.747 billion as Federal Allocation for the month of March. AT least N2.7 trillion has so far been collected on the Treasury Single Account, TSA, platform according to a release from the Office of the Accountant-General of the Federation, OAGF, which also gave assurance that the Federal Government is working out modalities to ensure that payment of Federal Government workers are paid early, in line with the directives of President Muhammadu Buhari. PRESIDENT BUHARI  Making this disclosure during an interactive session with news men in Abuja,  the Accountant-General of the Federation, AGF, Mr. Ahmed Idris, said the monies thus realised through the TSA platform belong to Federal Government Ministries, Departments and Agencies, and meant for their operations and not for sharing or for any other purposes as being reported in some sections of the media.   Mr.Idris said that the TSA has helped government to have a firm and full control of its resources, blocking leakages, helping it to reduce the cost of borrowing and to monitor spending in the MDAs. He, therefore called on all organisations who have any problems   on the operations of the TSA to come forward with their complaints, while assuring that the OAGF was committed to resolving what-ever challenges they   might have in line with best practices. On the payment of workers salaries, the AGF informed that “there is a standing instruction from Mr. President for workers to be paid on or before 24 or 25 of every month,” adding that compliance has been hampered by the limited resources available to Government which can only be determined after the monthly FAAC meeting. He, however, revealed that Government has taken further steps to make a provision that will accommodate salary payment even before FAAC, saying this is would be given a test this month. Mr. Idris   promised that his office is working assiduously to ensure that it complies with the directive of President Buhari to pay salaries on or before the 24th  or 25th  of every month, assuring that the necessary approval would be sought and gotten to ensure that this becomes a reality. Meantime, the Federal Government, state   governments and local government councils have shared a total of N299.747 billion as Federal Allocation for the month of March, 2016. A Communique released by the Federation Accounts Allocation Committee, FAAC, indicated that the Gross Revenue of N232.619 billion received for the month was lower than the N270.499 billion received in the previous month by N37.880 billion. While Shut-in and Shut-down of Production for repairs and maintenance continued during the period under review, there was, however, a slight increase in production of crude oil in December, 2015 but the resulting income was marginal due to a 10% drop in crude oil prices. The drop in the average price of Crude Oil from$43.40 in November to $39.04 in December 2015, according to the communique, resulted in a revenue loss of $22.55 million. Also, there was significant decline in incomes from Petroleum Profit Tax and Companies Income Tax. The communique also informed that distributable Statutory Revenue for the month is N232.619billion. The sum of N6.330 billion was refunded by the NNPC to FGN. Also, there is exchange gain of N2.894 billion which is proposed for distribution. The total revenue distributable for the current month (including VAT) is N299.747 billion. It gave  the details of the Statutory Revenue distributable for the month of March 2016 as follow : Federal Government received N109.113billion (52.68%), States received N55.344billion ( 26.72%),   and the Local Government Councils received N42.668 billion (20.60%), while the Oil Producing States received N19.750 billion as (13% of Mineral Revenue – Oil & Gas). Furthermore, for   the month of March, 2016, the gross revenue available for the Value Added Tax (VAT) was N64.234 billion as against N64.781billion distributed in the proceeding month, resulting in a decrease of N0.547 billion. The breakdown of the Value Added Tax (VAT) distribution for the month is as follows : N64.234 billion out of which the Federal Government got N9.250 billion (15%), States got N30.833 billion (50%) and the Local Government Councils received N21.583 billion (35%).