FG, States, LGs share N1.41 trillion

Posted by Rachael Ishaya | 21 May 2017 | 1,854 times

Gmail icon


The Federal Government, 36 states and their local government areas have so far shared N1.4 trillion from the federation account, being revenue generated in the first quarter of 2017.

The breakdown is contained in the monthly Federation Account Allocation Committee (FAAC) report obtained by the News Agency of Nigeria (NAN) on Sunday in Abuja.

The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service and the Nigerian Customs Service.

The total revenue shared in January between the federal, states and local government was N430.16 billion, meaning that federal took N168 billion, states, N114.28 billion and local government, N85.4 billion.

The federation grossed in N514 billion in February and federal government’s share was N200.6 billion, states, N128.4 billion and local government, N96.52 billion.

However, in March, revenue generation dipped lower, grossing N466.9 billion, and from it, the federal government got N180.5 billion, state governments, N116.5 billion and local government, N87.5 billion.

The allocation was made using the revenue sharing formula, Federal Government, 52.68 per cent; states, 26.72 per cent and local governments 20.60 per cent.

The report showed that before distribution, state liabilities were deducted.

The liabilities paid by the states in the first quarter, included an external debt of N8.73 billion, contractual obligations of N30.15 billion and other deductions amounting to N50.23 billion.

The other deductions, covers National Water Rehabilitation Projects, National Agricultural Technology Support, Payment for Fertiliser, State Water Supply Project, State Agriculture Project and National Fadama Project.

However, here is what each of the 36 states got in the first quarter after all deductions were made.

Abia N8.42 billlion, Adamawa N7.8 billion, Akwa Ibom N34.88 billion, Anambra N8.7 billion, Bauchi N7.9 billion, Bayelsa N22.97 billion, Benue N8.16 billion, Borno N9.74 billion and Cross River, N4.28 billion.

Also, Delta got N21.54 billion, Ebonyi N7.56 billion, Edo N6.5 billion, Ekiti N4.97 billion, Enugu N7.86 billion, Gombe N6.35 billion, Imo N7.92 billion, Jigawa N9.66 billion, Kaduna N10.56 billion and Kano N14.02 billion.

Katsina’s share from the federation account in three months was N10.05 billion, Kebbi N8.37 billion, Kogi N8.28 billion, Kwara N6.9 billion, Lagos 19.03 billion, Nassarawa N7.41 billion and Niger N9 billion.

Ogun State got N4.98 as allocation for first quarter of 2017, Ondo N10.22 billion, Osun N1.76 billion, Oyo N8.9 billion, Plateau N5.7 billion, Rivers N26.8 billion, Sokoto N9.07 billion, Taraba N6.9 billion, Yobe N8.33 billion, and Zamfara N5.91 billion.

NAN reports that the FAAC committee is made up of commissioners for Finance and Accountant-Generals from the 36 states of the federation.

The Minister of Finance, is the chairman of the committee, while the Accountant-General of the Federation, is next with representatives from the NNPC.

Other members are representatives from the Federal Inland Revenue Service; the Nigerian Customs Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria.

The federation account is currently being managed on a legal framework that allows funds to be shared to the three tiers of government under three major components.

These components are the statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle. (NAN)

 

 


Source: News Express

Readers Comments

0 comment(s)

No comments yet. Be the first to post comment.


You may also like...