FG, States, LGAs Share N660.37bn February FAAC Allocations

Data by the National Bureau of Statistics (NBS), on Tuesday showed that the Federal Government received N275.33bn, representing 41.69% of the N660.37bn distributed among the three-tiers of government in February from the Federation Account Allocation Committee (FAAC).
The amount, being revenue generated into the Federation Account during the month of January 2019, the NBS said, comprised of N497.12bn from the Statutory Account, N104.47bn from Valued Added Tax (VAT), N8.12bn as excess charges recovered and N50bn distributed, being foreign exchange Equalisation Fund; while N654.70m represented exchange gain differences.
The 36 States received a total of N182.17bn, or 27.59%; leaving the 774 Local Governments with N136.88bn or 20.73%; while the remaining N48.49bn or 7.34% was distributed among oil producing states, being the 13% derivation fund.
Also, revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.66bn, N7.62bn and N4.07bn respectively as cost of revenue collections.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N221.33bn was disbursed to the FGN consolidated revenue account; N4.94bn shared as share of derivation and ecology; N2.47bn as stabilization fund; N8.30bn for the development of natural resources; and N5.90bn to the Federal Capital Territory (FCT) Abuja,” the NBS report added.
A breakdown of the share of the Federal Government’s revenue showed that while N232.783bn was statutory; VAT accruals followed with N15.043bn; while excess bank charges recovered stood at N4.279bn; followed by N306.514m from exchange gain differences.
For the states, statutory allocation stood at N118.07bn; followed by N50.144bn from VAT; and N2.17bn in excess bank charge recovered; while N155.468m came from exchange gain difference.
In the case of local councils, statutory allocation for the month came to N91.027bn; VAT, N35.101bn; and N1.673bn in excess charges; among others; while N41.918bn represented statutory allocation to oil producing states being 13% derivation fund; while N72.859m came from exchange gain difference.
Of the cost of collection, the Federal Inland Revenue Service received a total of N7.622bn as cost of revenue collection; followed by the Nigerian Customs Services, which got N5.656bn and N149.86m from refund; while the Department of Petroleum Resources received N4.072bn.
Also, in state-by-state distribution, FCT Abuja got N2.763bn in total net allocation; while Osun, Ekiti and Ogun received the least amounts by any state at N1.825bn, N3.465bn and N3.22bn respectively. Delta got the highest- N18.672bn; Akwa Ibom received N14.513bn; Rivers, N13.047bn, Bayelsa, N11.614bn; Lagos, N10.239bn; Kano, N6.959bn.

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