Share this:

Like this:

Like Loading...
" />
Published On: Thu, Jun 5th, 2014

Allocation: Area councils share N1.7bn for May

Share This
Tags

By Stanley Onyekwere.

The sum of 1, 176.3 billion naira was shared among the six area council of the Federal Capital Territory (FCT), as net balance of the nation’s capital N2.506bn total allocation for the month of May.

The amount which represents over 47 percent of the total sum of its total allocation for the month was shared by the FCT Joint Account Allocation Committee (JAAC), after statutory deductions of various sums amounting to N1.3bn.

A breakdown of the sharing, shows that the Abuja Municipal Area Council (AMAC) received the highest sum of N272.7m; Bwari got N194.9m, followed by Gwagwalada which received N187.1m; Kuje got N178.9m while Kwali and Abaji received N172.0m and N170.5m, respectively.

Addressing newsmen on the allocation, the Assistant Director, FCT-Head of Funds, Jimoh Abiodun, said the amounts was a blend of revenue from the federal statutory allocation, Value Added Tax (VAT); statutory 10 percent of the Territory’s Internally generated revenue (IGR), Subsidy Re-investment Empowerment Programme (SURE-P), for the month of April and May.

He said the statutory deductions are for Primary school Teachers Funds; 15% pension funds: 1% Training funds; Health Insurance Contribution Funds; Arrears of LEA teachers; 7.5% employer pension contribution; Sanitation contribution and Immunization plus- day, for the Month of June.

The latest net balance for the month of May is 40 percent less the amount of N1.948bn shared by the councils in the previous month (April).

“After the deductions we have a total of N1.3bn, which has taken care of the mandatory deductions, leaving a net balance of the sum of N1.176.3bn as net allocations to the Councils,” he explained.

Except for withholding of assent by President Goodluck Jonathan, the Federal Capital Territory Administration (FCTA) will henceforth collect tax on every property, with the exception of those owned by government or its agencies in the city.

It would be recalled that the Senate had on Tuesday passed a Bill sponsored by the chairman of the Senate Committee on FCT, Smart Adeyemi, establishing FCT Inland Revenue Board, after its third reading.

The Bill, except for withholding of assent by President Goodluck Jonathan, FCT Administration will henceforth collect tax on every property, with the exception of those owned by government or its agencies in the city. It aims at generating revenue for the development of the Territory.

 

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

%d bloggers like this: