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N1.92tr Shared To three Tiers By FAAC In Three Months

According to the record of the National Bureau of Statistics (NBS), the Federation Account Allocation Committee (FAAC) has disbursed N1.92 trillion to the three tiers of government in the first quarter of this year.

The NBS figures are allocations by the FAAC for the months preceding when they were shared. For instance, allocation by FAAC for the December 2018 was shared in January, 2019 and so for the other two months of February and March.

The NBS figures which tallied with the figures from the Office of the Accountant General of the Federation (OAGF) said FAAC disbursed N649.19 billion to the three tiers of government in January, 2019 (December 2018); N660.37 billion in February (January 2019) and the sum of N619.86 was distributed to the three tiers in March (February 2019). FAAC Allocations for March 2019 will be done later this month.

Of the N1.92 trillion so far disbursed, the Federal Government has received N803.18 billion in the three months, states have received N530.14 billion while the local governments have received N398.43 billion.

Interestingly, in January 2019, Delta State received the highest allocation of N17, 360,640,513.62 excluding the N3, 862,469,150.06 the state collected on behalf of its 25 local government areas.

Osun State got the lowest allocation of N1, 730,201,728.81 aside the N3, 886,506,134.26 it collected on behalf of the 30 local government areas of the state.
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The NBS breakdown showed that the federal government received N270.17 billion in January, N275.33 billion in February and N257.68 billion in March while the 36 states received N178.04 billion in January, N182.17 billion in February and N169.93 in March. All the 774 Local governments received N133.83 billion in January, N136.88 billion and N127.72 billion in March.

The NBS report further revealed that the amount disbursed in January comprised N547.46 billion from the Statutory Account, N100.76 billion from Valued Added Tax (VAT) and N976.53 million exchange gain differences while the sum of N45.36 billion was shared among the oil producing states as 13 per cent derivation fund in January 2019 alone.

Further breakdown of revenue allocation distribution to the Federal Government revealed that the sum of N216.57 billion was disbursed to the federal government’s consolidated revenue account. N4.81billion was disbursed as share of derivation and ecology and N2.43 billion as stabilisation fund. N8.15 billion was shared for the development of natural resources and N5.82 billion to the Federal Capital Territory (FCT), Abuja.

The report also stated that revenue generating agencies such as “Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.69 billion, N4.04 billion and N8.04 billion respectively as cost of revenue collections.”

For February, the report said the amount disbursed comprised N497.12 billion from the Statutory Account; N104.47 billion from Valued Added Tax (VAT) and N8.12 billion as excess charges recovered. The sum of N50 billion was distributed as FOREX Equalisation Fund and N654.70 million as exchange gain differences. N48.49 billion was shared among the oil producing states as 13 per cent derivation fund in February.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.66 billion, N7.62 billion and N4.07 billion as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria received the sum of N221.33 billion into the consolidated revenue account. N4.94 billion was disbursed as share of derivation and ecology and N2.47 billion as stabilisation fund. Also, N8.30 billion was shared for the development of natural resources and N5.90 billion to the Federal Capital Territory (FCT) Abuja.

In March, the NBS report revealed that the amount disbursed comprised of N474.42 billion from the Statutory Account, N96.39 billion from Valued Added Tax (VAT), N4.02 billion as excess bank charges recovered. N44.17 billon was distributed as FOREX Equalisation Fund and N858.46 million as exchange gain differences. N50.95 billion was shared among the oil producing states as 13 per cent derivation fund in the month. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria received the sum of N203.04 billion into the consolidated revenue account while N4.63 billion was disbursed as share of derivation and ecology; N2.31 billion as stabilisation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.91 billion, N6.49 billion and N3.19 billion as cost of revenue collections.

The NBS report also noted that thr sum of N7.77 billion was shared for the development of natural resources and N5.52 billion to the Federal Capital Territory (FCT) Abuja in March.

Thanks for reading.
Adapted from The Nation

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Author: ashyizzy

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