Faac allocation in Nigeria and how coronavirus dey affect monthly money your state dey receieve
Coronavirus pandemic bring di whole world for stand still plus affect every kontri economy including Nigeria. As business no flow again like before, moni wey Nigeria dey share give im three tiers of goment don drop.
On Friday, di kontri Federal Accounts Allocation Committee (FAAC) say dem don share N651.184bn for di federal, state and local goment for di month of June. From di N651.184bn, federal goment collect N266,131bn, state get 185.774bn while N138.974bn wey dem go take run goment activities. All of dis mean say di moni wey your state and local goment go collect go small pass as e bin dey be before, especially afta dem all di moni wey dem don first borrow. E mean say some projects go dey on stanstill, and also goment go owe contractors moni for some of di projects wey dem bin do. Why di moni dey small Since Nigeria enta lockdown for March reach today, di amount of moni wey Faac dey share give di three tires of goment bin dey shrink but e be like e begin pit up small for June. Dis moni wey FAAC dey share give the three tiers of goment each month na moni from all di revenue including tax plus profit wey goment make from di month before. Some of di ways wey goment dey take make dis moni na from: Excess Crude Account (ECA) Nigeria main source of revenue na from exporting crude oil. As Covid-19 pursue evribodi enta house, kontris no to buy crude oil again as most already get excess for dia reservoir. Dis make di price of di crude to drop and Nigeria no too fit make moni from am. As at wen FAAC bin share di June allocation, moni for di Excess Crude Account increase to $186,000m from $72.2m wey e bin record from last month. Taxes Nigeria goment dey also get revenue from different kains of tax dem like value added tax, customs. personal income tax plus oda levies wey pipo dey pay for different kain tins. Inside dis coro period, di amount of tax wey don come in dey less dan wetin e bin dey be before for different reasons, some of dem include: Di Federal Inland Revenue Service bin announce some tax relief measures on March 23 to helep taxpayers manage di Covid-19 palava. Di Nigeria House of Representatives bin pass di Emergency Economic Stimulation Bill 2020, wey suspend import duty on medical equipments, plus sama tax rebate of 50% to any company wey wey retain all im workers form March 2020 to 31 December 2020. Dem even some kain exempt all di organisations wey bin give donation for Covid-19 funds for di kontri. Although allocation for di month of June improve pass how e bin be for May, and di goment dey gradually reopen di economy of di kontri, e still early to beat chest say Nigeria economy don deyt recover from di pandemic.