FG, others share N5.3trn in 8 months

The federal , 36 states and therefore the 774 local governments of the federation also revenue generating agencies of the federal shared a complete of N5.3 trillion as statutory allocation in eight months, from January to August 2020. 

The decline within the total allocation compared to N5.4 trillion shared during the amount in 2019, suggests a fall within the country’s revenue thanks to the slowdown in global economic activities as a results of the Coronavirus pandemic. 

NaijaGistReporters analysis of the Federation Account Allocation Committee (FAAC) monthly disbursement report by the National Bureau of Statistics (NBS) revealed that the federal received the most important share of N2.1 trillion representing a decline of twenty-two percent in comparison to N2.7 trillion received in 2019. 

The 36 states received N1.2 trillion representing a fall of 20 percent in comparison to N1.5 trillion received within the corresponding period of 2019, while the 774 local governments received N1.1 trillion same as received in 2019. 

The remaining N700 billion was shared as 13 percent derivative among oil producing states and revenue generating agencies. The three tiers of state received the very best allocation of N780.93 billion in April 2020, while rock bottom allocation of N547.31 billion was received in June 2020. 

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 The report stated: “The FAAC disbursed the sum of N676.41billion to the three tiers of state in August 2020 from the revenue generated in July 2020. 

“The amount disbursed comprised of N543.79 billion from the Statutory Account and N132.62 billion from Valued Added Tax (VAT). “Federal Government received a complete of N273.19 billion, States received a complete of N190.85 billion and native Governments received N142.76 billion. 

The sum of N42.85 billion was shared among the oil producing states as 13 percent derivation fund. 

“Revenue generating agencies like Nigeria Bureau of Customs (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.65 billion, N10.21billion and N4.22 billion respectively as cost of revenue collections. 

“Further breakdown of revenue allocation distribution to the federal of Nigeria (FGN) revealed that the sum of N210.94 billion was disbursed to the FGN consolidated revenue account; N4.83 billion shared as share of derivation and ecology; N2.42 billion as stabilization fund; N8.12 billion for the event of natural resources; and N6.03 billion to the Federal Capital Territory (FCT) Abuja.” NaijaGistReporter.