Adedapo Adesanya
By Adedapo Adesanya
The latest report from the Federation Account Allocation Committee (FAAC) released by the National Bureau of Statistics (NBS) has shown that the sum of N650.8 billion was shared in December 2019.
The report indicated that Nigeria’s revenue allocation decreased by 7.3 percent in December as the Federal Government got the highest share of N274.8 billion.
A breakdown showed that across the 36 states, a total of N176.1 billion was shared, while the 774 Local Government Areas (LGA) received N132.7 billion, the Federal Capital Territory (FCT) in Abuja got N5.8 billion with N51.1 billion shared among the oil-producing states as 13 percent derivation fund.
Others include N208.7 billion to the Federal Government Consolidated (CRF) account, N8.4 billion allocated for the development of Natural resources, and share of Derivation and Ecology got N4.9 billion.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.42 billion, N6.86 billion and N3.9 billion respectively as cost of revenue collections.
A further breakdown by geo-political zones showed that South-South states got the highest amount of N57.8 billion, followed by North-West with 26.1 billion, and North East with N22.9 billion.
South Western states in total got N20.0 billion, South East states followed with N16.4 billion, while the North Central zone got the lowest of N15.7 billion in December.
By states, the statistical authority showed that Delta State got the most with N15.9 billion (9 percent) followed closely by Akwa-Ibom State with N12.9 billion (7.1 percent) and Rivers State with 11.1 billion.
Lagos state got a total allocation of N4.1 billion (2.3 percent) and Kwara State received the lowest allocation in December with N2.7 billion (1.6 percent).
Out of the total N650.8 billion distributed in December, N491.9 billion were gotten from Statutory Account; N53 billion from FOREX Equalization Account; N15 billion from Good and Valuable Consideration Account; N784.8 from Exchange Gain Allocation and N90.2 billion from Valued Added Tax (VAT).
