Niger Delta states on top as states share N593.1b in Q1

THE NATION Newspaper

Four Southsouth states are the highest earners from the Federation Account, according to the breakdown of the monthly Federation Account Allocation Committee (FAAC) report for the first quarter of the year.

About N593.1billion was generated in the period.

The oil producing states of Akwa Ibom (N50.880b), Delta (N49.430b) Rivers N42.740) and Bayelsa (N38.890b) earned the highest.

The breakdown obtained by the News Agency of Nigeria (NAN) places Ekiti (N8.75b), Cross River (N8.40b) and Osun (N4.980b) at the lower rung of the ladder.

In January, the 36 states shared N196.99 billion, in February, N195.25 billion and March, N200.86 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 state liabilities were deducted.

The liabilities paid by the states in the first quarter included external debts, contractual obligations and other deductions.

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

The breakdown of what the states got in the first quarter of 2018 after deductions is as follows:

Abia N13.09 billlion, 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.

Katsina N13.99 billion, Kebbi, N12.78 billion, Kogi, N12.39 billion, Kwara, N10.62 billion, Lagos, N29.99 billion, Nassarawa, N11.18 billion and Niger, N13.44 billion.

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.

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 FAAC comprises Commissioners for Finance and Accountants-General from the 36 states.

The Minister of Finance is the chairman of the committee. The Accountant- General of the Federation is deputy chairman. Also attending are representatives of the NNPC, representatives of the Federal Inland Revenue Service; the Nigerian Customs Service; Revenue Mobilisation, Allocation and Fiscal Commission as well as the Central Bank of Nigeria (CBN).

The federation account is 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.


Your comment






News Archive