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How poverty worsened despite Nigeria’s N28.58 trillion revenue

By News Express on 23/09/2019

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•President Buhari
•President Buhari

Stakeholders in the economy yesterday expressed worry about the disparity between huge government earnings and growing poverty in the country.

This followed the report by the Nigeria Extractive Industries Transparency Initiative (NEITI) showing that N28.58 trillion was remitted to the Federation Account between 2012 and 2016.

NEITI’s latest Fiscal Allocation and Statutory Disbursement (FASD) Audit report for the period shows that of the N28.58 trillion, mineral sources contributed the highest sum of N18.15 trillion (after deductions for joint venture cash calls and subsidy claims), representing 64 per cent of the total earnings. This was followed by non-mineral source (N6.68 trillion), representing 23 per cent, while Value Added Tax (VAT) was N3.73 trillion, representing 13 per cent.

A year-by-year breakdown of the total remittances showed that N4.19 trillion was remitted in 2012; N4.73 trillion in 2013; N4.69 trillion, 2014; N2.89 trillion, 2015; and N1.65 trillion in 2016.

An analysis of the N18.16 trillion mineral revenues shared among the three tiers of government showed that the Federal Government received N8.32 trillion from 2012 to 2016; the 36 state governments shared N4.22 trillion, and the 774 local government areas got N3.25 trillion. This is exclusive of the N2.36 trillion 13 per cent derivation to the oil, gas, and mining producing states.

The report also disclosed that from the share of non-mineral revenue of N6.68 trillion, the Federal Government received N3.52 trillion, the 36 states got N1.79 trillion, and the local government areas took N1.38 trillion. The total VAT revenue of N3.73 trillion was shared as follows: Federal Government (N560 billion), 36 states (N1.88 trillion) and 774 local governments (N1.31 trillion).

“Unfortunately, the country remains economically dependent on less-endowed countries because of the less than optimal use of natural resources, made up mostly of products from the extractive industry,” said Prof. Segun Ajibola, former president of the Chartered Institute of Bankers of Nigeria.

He further blamed the country’s slow growth and development on its “perverse spending pattern, corruption in high places and misplacement of priorities.”

On his part, Prof. Adeola Adenikinju regretted that a few privileged people were mortgaging the nation’s wealth. The director, Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, noted that without corresponding increase in other assets such as human capital, physical capital and financial capital, the living standards of future generations could be jeopardised. (The Guardian)

Source News Express

Posted 23/09/2019 12:21:54 PM

 

 

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