Abuja — Nigeria’s state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash…
Browsing: Federation Account Allocation Committee
NNPC remits N41bn surplus into Federation Account. The Nigerian National Petroleum Corporation, NNPC, on Tuesday said it remitted a surplus
*DPR gets N10billion FAAC in October/November *Oil-producing states share N117bn in two months OpeOluwani Akintayo 05 January 2019, Sweetcrude, Lagos…
“The year started on a bright note as all tiers of government received higher revenues than corresponding quarters in the past two years. This was largely on the account of sustained increase in domestic oil production and global oil prices.”
The federal government got highest allocation in the sum of N263.283 billion, States N172.872 billion; local government councils N129.985 billion while the sum of N52.042 billion was paid to oil producing States being their 13% share of derivation allocation.
The NEITI review attributed the revenue increase in 2017 to rising crude oil prices, improved oil production, and greater attention towards development of non-oil revenue sectors.
The figure is N184.38 billion less than the N652.23 billion disbursed to the three tiers of government in July 2017, representing a drop of 28.3 percent.
NEITI, which made the disclosure in its recently released quarterly review, said the sum of N243.757billion was paid to states and local governments, where states got N151.446billion and local governments N92.311billion.
According to Idris, the allocations from the Federation Account to the three tiers of government also declined by N52.07 billion from the N467.8 billion shared in March to N 415.73 billion in April this year.
The allocation was made using the revenue sharing formular, Federal Government, 52.68 per cent; states, 26.72 per cent and local governments 20.60 per cent. The report showed that before distribution, state liabilities were deducted.
