TRENDING!!! Buhari Dieing In London Hospital, As Nigerian Governors Smile To The Bank With Truckload Of N1.41 Trillion

By Post Nigeria May 21, 2017 15:52

TRENDING!!! Buhari Dieing In London Hospital, As Nigerian Governors Smile To The Bank With Truckload Of N1.41 Trillion

The Federal Government, the 36 States, and their Local Government Areas, have so far shared N1.4 trillion from the Federation Account, being revenue generated in the first quarter of 2017.

The breakdown is contained in the monthly Federation Account Allocation Committee, FAAC, report, obtained by the News Agency of Nigeria, NAN, on Sunday, in Abuja.

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 total revenue shared in January between the Federal, States, and Local Government, was N430.16 billion, meaning that the Federal took N168 billion, States, N114.28 billion, and the Local Government, N85.4 billion.

The Federation, grossed in N514 billion in February, with the Federal Government’s share at N200.6 billion, States, N128.4 billion, and Local Government, N96.52 billion.

However, in March, revenue generation dipped lower, grossing N466.9 billion; and from it, the Federal Government got N180.5 billion, State Governments, N116.5 billion, and Local Government, N87.5 billion.

The allocation was made using the revenue sharing formular, Federal Government, 52.68 percent; States, 26.72 percent, and Local Governments, 20.60 percent.

The report showed that before distribution, State liabilities were deducted.

The liabilities paid by the States in the first quarter, included an external debt of N8.73 billion, contractual obligations of N30.15 billion, and other deductions amounting to N50.23 billion.

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.

However, here is what each of the 36 States got in the first quarter, after all deductions were made.

Who do you want as Nigeria's 2019 President???

View Results

Abia, N8.42 billlion; Adamawa, N7.8 billion; Akwa Ibom, N34.88 billion; Anambra, N8.7 billion; Bauchi, N7.9 billionL Bayelsa, N22.97 billion; Benue, N8.16 billion; Borno, N9.74 billion; and Cross River, N4.28 billion.

Also, Delta got N21.54 billion; Ebonyi, N7.56 billion; Edo, N6.5 billion; Ekiti, N4.97 billion; Enugu, N7.86 billion; Gombe, N6.35 billion; Imo, N7.92 billion; Jigawa, N9.66 billion; Kaduna, N10.56 billion; and Kano, N14.02 billion.

Similarly, Katsina’s share from the Federation Account in 3 months, was N10.05 billion; Kebbi, N8.37 billion; Kogi, N8.28 billion; Kwara, N6.9 billion; Lagos, 19.03 billion; Nassarawa, N7.41 billion; and Niger, N9 billion.

Finally, Ogun State got N4.98 as allocation for first quarter, 2017; Ondo, N10.22 billion; Osun, N1.76 billion; Oyo, N8.9 billion; Plateau, N5.7 billion; Rivers, N26.8 billion; Sokoto, N9.07 billion; Taraba, N6.9 billion; Yobe, N8.33 billion; and Zamfara, N5.91 billion.

NAN further reports that the FAAC Committee, is made up of Commissioners for Finance and Accountant-Generals from the 36 States of the Federation.

The Minister of Finance, is the Chairman of the Committee, while the Accountant-General of the Federation is next, with representatives from the NNPC.

Other members are representatives from the Federal Inland Revenue Service, the Nigerian Customs 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.

How I TOTALLY Got Rid Of my POT BELLY, excess Fat, and Overweight, In just 2 weeks…

Click HERE for Details