BY BAMIDELE FAMOOFO
The Federation Account Allocation Committee disbursed about N2.18 trillion to the three tiers of government in the first quarter period in 2022.
The disbursement includes a sum of about N224.77billion benefited by oil producing states and the agencies of government that generated the distributable income in the period.
As usual the Federal Government received the lion’s share of N720.22billion, representing 33.03 percent of total FAAC allocations in three months while the Sub-Nationals (States) and the Federal Capital Territory (FCT) Abuja, shared a sum of N590.45billion, accounting for 27.06 percent of the nation’s commonwealth.
The Local Government which represents the grassroots level of governance and agencies of government that generated the revenue shared N436.37 billion and N79.41billion respectively.
The oil producing states got an extra of N145.36billion to the general allocation in the review period.
Breakdown of FAAC showed that N766.47billion was distributed to the three tiers of government in January 2022 from the total revenue generated in December 2021. The amount disbursed comprised N560.07billion from the Statutory Account, N5.15billion from Exchange Gain difference, and N201.26billion from Valued Added Tax.
The Federal Government received a total of N279.46billion from the N766.47billion, States and Local Governments received a total of N221.19billion and N163.88billion respectively. The sum of N35.30billion was shared among the oil-producing states from the 13 percent derivation fund.
The Revenue generating agencies comprising Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received N10.10billion, N13.47billion, and N6.43billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N196.37billion was disbursed to the FGN consolidated revenue account; N4.77billion received as a share of derivation and ecology; N2.39billion as stabilization fund; N8.02billion for the development of natural resources; and N6.53billion to the Federal Capital Territory (FCT) Abuja.
“The oil producing states got an extra of N145.36billion to the general allocation in the review period
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The sum of N692.86bn was disbursed in February 2022 from the total revenue generated in January 2022. The amount disbursed comprised N396.43billion from the Statutory Account, N100.00billion from Non-oil Excess Account, N5.20billion from Exchange Gain difference, and N191.22billion from Valued Added Tax.
The Federal Government received a total of N204.58billion from the N692.86billion, States and Local Governments received a total of N179.25billion and N131.88billion respectively.
The sum of N58.96billion was shared among the oil-producing states from the 13 percent derivation fund. The Revenue generating agencies comprising Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received N9.92billion, N10.91billion, and N4.59billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that a total net amount of N127.36billion was disbursed to the Federal Government consolidated revenue account; N3.38billion was received as a share of derivation and ecology; N1.69billion as stabilization fund; N5.67billion for the development of natural resources; and N5.04billion to the Federal Capital Territory Abuja.
The Federation Account Allocation Committee disbursed the sum of N722.38billion to the three tiers of government in March 2022 from the total revenue generated in February 2022. The amount disbursed comprised N457.03billion from the Statutory Account, N80.00billion from Non-oil Excess Account, N7.48billion as Excess Bank Charges, and N177.87billion from Valued Added Tax.
The Federal Government received a total of N236.18billion from the N722.38billion, States and Local Governments received a total of N190.01billion and N140.61billion respectively.
The sum of N51.10billion was shared among the oil-producing states from the 13 percent derivation fund. The Revenue generating agencies comprising Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received N9.46billion, N10.03billion, and N4.50billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government revealed that a total net amount of N111.95billion was disbursed to the Federal Government consolidated revenue account; N4.01billion was received as a share of derivation and ecology; N2.01billion as stabilization fund; N6.74billion for the development of natural resources; and N5.60billion to the Federal Capital Territory Abuja.
