A’Ibom lead other states with N34.8bn from FAAC allocation in 1/2

The first quarter 2017 federation account allocation committee, FAAC, report shows that the federal and state governments shared a total of N1.4 trillion.

Akwa Ibom received N34.8bn, the highest allocation while Osun state got the least, N1.7bn.

The breakdown is contained in the monthly FAAC report.

Obtained by NAN on Sunday, the report indicates that the federal government, states, and LGAs shared N1.4 trillion from the account, being the revenue generated in the first quarter of 2017.

A breakdown of the allocation shows that Abia got N8.42bn, Adamawa, N7.8 bn; Anambra, N8.7bn; Bauchi, N7.9bn; Bayelsa, N22.97bn; Benue, N8.16bn; Borno, N9.74bn and Cross River, N4.28bn.

Also, Delta got N21.5bn; Ebonyi, N7.56bn; Edo, N6.5bn; Ekiti, N4.97bn; Enugu, N7.86bn; Gombe, N6.35bn; Imo, N7.92bn; Jigawa, N9.66bn; Kaduna, N10.56bn and Kano, N14.02 billion.

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Katsina’s share was N10.05bn; Kebbi, N8.37bn; Kogi, N8.28bn; Kwara, N6.9bn; Lagos, 19.03bn; Nassarawa, N7.41bn while Niger got N9 billion.

Similarly, Ogun got N4.98; Ondo, N10.22bn; Oyo, N8.bn; Plateau, N5.7bn; Rivers, N26.8bn; Sokoto, N9.07bn; Taraba, N6.9bn; Yobe, N8.33bn and Zamfara, N5.91 billion.

The FAAC report further shows that the revenue shared in January between the three parties was N430.16 billion. FG got N168bn, N114.28bn for states and N85.4bn for LGAs.

In February, there was an increase as the allocation was N514bn with FG took N200.6bn; states, N128.4bn while the LGAs got N96.52bn.

However, in March, revenue generation dipped to N466.9bn in which the FG got N180.5bn, states got N116.5bn while LGAs got N87.5bn.

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The allocation was done using the revenue sharing formula of 52.68 percent for federal government, 26.72 percent for the states and 20.60 per cent is for the local governments.

The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).

The report also showed that before distribution, state liabilities were deducted including “an external debt of N8.73bn, contractual obligations of N30.15bn and other deductions amounting to N50.23bn”.