Editorial Team

Emmanuel Udom-Managing Editor, Stephen Dijo Philemon-Deputy Editor, Janet Udom-Senior Correspondent, Precious Udom-Senior Correspondent, Williams Ita-Bureau Chief(Akwa Ibom/Cross River), Fabian Idoko-Senior Correspondent

    Manufacturer's Representative Import Export General Merchandise Contract Adress: Araromi Quarters, Owode Area, Ifo, Ogun state, Nigeria P.O.Box 2632, Oshiodi, Lagos Telephone: 2348166719412

    Sunday, 23 October 2016

    36 states receive N143.6bn from federation account in September

    The 36 States of the Federation got N143.6 billion from the Federation Account in September as their share of distributable revenue generated for the month.
    The breakdown was also contained in a report obtained by the News Agency of Nigeria from a source at the office of the Accountant-General of the Federation in Abuja on Sunday.The funds are usually shared the following month.
    For example, revenue generated in January is shared in February.
    Thus, the revenue shared was actually generated in August and shared in September 2016.
    The key agencies that remit funds into the Federation Account are the Nigerian National Petroleum Corporation, the Federal Inland Revenue Service and the Nigeria Customs Service.

    At the Federation Account Allocation Committee meeting in September, federal, statesand local governments shared N516 billion as against the N530 billion that was shared in August.
    The report showed that the amount distributed included the Gross Statutory revenue, Value Added Tax, exchange gain, N35 billion excess Petroleum Profit Tax and 13 percent derivation to oil producing states.The oil producing states are Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers.
    The report showed that before distribution, state liabilities were deducted.
    The liabilities include an external debt of N2.9 billion, contractual obligations of N10.48 billion and other deductions amounting to N16.9 billion.
    The report showed that other deductions covered National Water Rehabilitation Projects, National Agricultural Technology Support, Payment for Fertilizer, State Water
    Supply Project, State Agriculture Project and National Fadama Project.
    To sum it up, here is what the 36 states got after all deductions were made.
    Abia N3.01 billlion, Adamawa N3.14 billion, Cross River N2.04 billion, Ekiti N2.16 billion, Edo N2.54 billion, Kaduna State N4.23 billion, Kano State N5.2 billion, Lagos N7.92 billion, Rivers N9.05 billion and Zamfara, N2.58 billion.
    Delta N7.39 billion, Anam
    bra N3.43 billion, Benue N3.37 billion, Borno N3.9 billion, Ebonyi N2.99 billion, Enugu State N3.34 billion, Gombe State N2.61 billion, Nassarawa State N2.92 billion, Imo N2.97 billion and Kogi N3.39 billion.
    Yobe got N3.29 billion, Taraba N2.89 billion, Sokoto state N3.62 billion, Plateau N2.31 billion, Oyo State N3.53 billion, Osun N868.9 million, OndoState N4.18 billion, Ogun N2.16 billion, Niger N3.49 billion and Kebbi N3.36 billion
    Also, Katsina got N4 billion, Bayelsa N7.6 billion, Bauchi State N3.52 billion, Jigawa N3.82 billion, Kebbi N3.36 billion and Kwara N2.77 billion.
    The report also showed that the Federal Capital Territory got N4.7 billion from the Federal Government’s share of the distributable revenue in September.
    The FAAC committee is made up of Commissioners of Finance and Accountants-General from the 36 states of the federation, the Accountant General of the Federation and representatives from the NNPC.
    Others 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.

    Source: The eagle online  

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