Akwa Ibom gets jumbo share of N1.4trn Q1 allocation

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..State gets N34bn in 3 months; Lagos N19bn; Kano N14bn

The federal, states and local governments shared N1.4 trillion in the first quarter of the year, according to the Federation Account Allocation Committee (FAAC) report.

Akwa Ibom received the highest share of N34.8billion while Osun state got N1.7billion, the lowest among the states.

The breakdown, contained in the monthly FAAC report, was 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 N8.42billion, Adamawa, N7.8 billion; Anambra, N8.7billion; Bauchi, N7.9billion; Bayelsa, N22.97 billion; Benue, N8.16 billion; Borno, N9.74 billion and Cross River, N4.28 billion.

Also, Delta got N21.5 billion; 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.

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

Similarly, Ogun got N4.98 billion; Ondo, N10.22 billion; Oyo, N8 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.

The FAAC report further shows that the revenue shared in January between the three parties was N430.16 billion. The Federal Government got N168billion, N114.28 billion for states and N85.4 billion for LGAs.

In February, there was an increase as the allocation was N514billion with the Federal Government taking N200.6 billion; states, N128.4 billion while the LGAs got N96.52billion.

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

The allocation was done using the revenue sharing formula of 52.68 per cent for Federal Government, 26.72 per cent for the states and 20.60 per cent  for the local councils.

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”.

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