How states withdrew N593.1b from federation account in Q1 2018
The 36 states of the federation withdrew about N593.1 billion from the Federation Account as revenue generated in the first quarter of 2018.The breakdown is contained in the monthly Federation Account Allocation Committee (FAAC) report obtained by the News Agency of Nigeria (NAN) yesterday 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 Nigeria Customs Service.
In January, the 36 states of the federation shared N196.99 billion, in February, N195.25 billion and N200.86 billion in March.The allocation was made using the revenue sharing formula, Federal Government, 52.68 per cent; states, 26.72 per cent and local councils, 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 external debt, contractual obligations and other deductions.Other deductions cover National Water Rehabilitation Projects, National Agricultural Technology Support, Payment for Fertilizer, State Water Supply Project, State Agriculture Project and National Fadama Project.
Here is what each of the 36 states got, after all deductions were made.Abia, N13.09 billion; Adamawa, N11.82 billion; Akwa Ibom, N50.88 billion; Anambra, N13.01 billion; Bauchi, N13.04 billion; Bayelsa, N38.89 billion; Benue, N12.98 billion; Borno, N14.82 billion; and Cross River, N8.41 billion.
Delta got N49.43 billion; Ebonyi, N10.73 billion; Edo, N15.86 billion; Ekiti, N8.75 billion; Enugu, N12.27 billion; Gombe, N10.17 billion; Imo, N12.72 billion, Jigawa, N14.2 billion, Kaduna, N16.15 billion and Kano, N19.65 billion.
Similarly, Katsina’s share was N13.99 billion, Kebbi, N12.78 billion; Kogi, N12.39 billion; Kwara, N10.62 billion; Lagos, 29.99 billion; Nasarawa, N11.18 billion and Niger, N13.44 billion.
Finally, Ogun state got N9.4 billion; Ondo, N15.27 billion; Osun, N4.98 billion; Oyo, N13.83 billion; Plateau, N10.15 billion, Rivers, N42.74 billion; Sokoto, N12.43 billion; Taraba, N11.1 billion; Yobe, N12.42 billion, and Zamfara, N9.16 billion.
NAN reports that the FAAC comprises commissioners of finance and Accountants-General from the 36 states of the federation.The Minister of Finance, is the chairman of the committee, while the Accountant General of the Federation, seconds, with representatives from the NNPC.
Other members are representatives from the Federal Inland Revenue Service; the Nigerian Custom 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.
No comments yet