A’Ibom, Delta, Rivers Get N143bn As States Share N593bn In Q1 - Rave 91.7 FM
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A’Ibom, Delta, Rivers Get N143bn As States Share N593bn In Q1

A’Ibom, Delta, Rivers Get N143bn As States Share N593bn In Q1

Akwa Ibom, Delta and Rivers States received the lion share of N143 billion, as 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 contained in the monthly Federation Account Allocation Committee (FAAC) report also showed that Osun, Cross River and Ekiti States got a total of N22billion. Key agencies of government that remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service and the Nigerian Custom 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 formular, 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 external debt, contractual obligations and other deductions. The 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. After all deductions were made in the first quarter of 2018, each of the 36 states got the following: 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. Others are Katsina N13.99 billion, Kebbi, N12.78 billion, Kogi, N12.39 billion, Kwara, N10.62 billion, Lagos, 29.99 billion, Nassarawa, N11.18 billion and Niger, N13.44 billion. Other include Ogun 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 Minister of Finance is the chairman of FAAC, which comprises the Accountant General of the Federation, commissioners of finance and Accountants-General from the 36 states of the federation. 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.

Credits: www.leadership.ng

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