…As 11 states lose large part of FAAC allocation to deductions
27 September 2017, Sweetcrude, Abuja – The National Bureau of Statistics (NBS) yesterday, reported that the Federation Account Allocation Committee, FAAC, shared N467.85 billion among the three tiers of government in August 2017.
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.
The report stated, “The Federation Account Allocation Committee, FAAC, disbursed N467.85 billion to the three tiers of government in August 2017 from the revenue generated in July 2017.
“The amount disbursed comprised N387.32 billion from the Statutory Account and N80.53 billion from Valued Added Tax, VAT. No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.
“Federal Government received N193.05 billion from the N467.85 billion shared. States received N130.69 billion and local governments received N98.01 billion. N31.59 billion was shared among the oil producing states as 13 percent derivation fund.
“Revenue generating agencies such as Nigeria Customs Service (NCS) Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.63 billion, N6.76 billion and N2.12 billion respectively as cost of revenue collections.”
Meanwhile, data made available by the National Bureau of Statistics (NBS) showed that 11 states lost a huge part of their August 2017 allocation to deductions.
According to the latest FAAC report released by the bureau, a total of N467.85 billion was distributed among the three tiers of government in August.
“The amount disbursed comprised of N387.32bn from the statutory account and N80.53bn from valued added tax (VAT),” the report read.
“Federal government received a total of N193.05bn from the N467.85bn shared. States received a total of N130.69bn and local governments received N98.01bn. The sum of N31.59bn was shared among the oil producing states as 13% derivation fund.”
Eleven states lost more than N1 billion from their allocations, with Lagos being the worst hit.
Lagos got a gross allocation of N9.52 billion and lost N2.80 billion to deductions. Osun got a gross allocation of N3,06 billion and lost N2.41 billion to deductions, to have a net allocation of N650 million.
Delta also got a gross allocation of N10.50 billion and lost N2.45 billion to deductions, to have a net allocation of N8.05 billion.
States which lost more than N1 billion to deductions were Zamfara, Rivers, Plateau, Ondo, Ogun, Cross Rivers, Ekiti and Jigawa.