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Monday, November 21, 2016

October 2016 Federal Allocation Stands At N111.8bn

Nigeria's Minister of Finance

The 36 states of the federation shared N111.8 billion in October. It is less than the N143.6 billion shared in September from the Federation Account by N31.8 billion. The report showed the revenue allocated for each state in October was less than what they got from the Federation Account in September. Minister of Finance Mrs. Kemi Adeosun, represented by the Permanent Secretary, Mr. Mahmoud Isa-Dutse, at the last FAAC meeting, attributed the low revenue earnings of the month to several factors.

Adeosun ascribed the decline to the loss of $45.5 million in Federation Export sales. Shut-in and shut-down of pipelines for repairs and maintenance contributed to the drop. Other reasons were decrease in volume of dutiable imports receipts from Joint Venture Cash Call, Foreign Companies Income Tax and Value Added Tax.

The federation funds are shared in arrears; revenue generated in January is shared in February. Thus, the revenue was generated in September and shared in October. The key agencies that remit funds into the federation account are the Nigeria National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS) and Nigeria Customs Service (NCS).

During the Federation Account Allocation Committee (FAAC) meeting in October, federal, states and local governments shared N455 billion as against the N516 billion shared in September. The revenue distributed include Gross Statutory revenue, Value Added Tax, exchange gain, N63.3 billion excess Petroleum Profit Tax and 13 per cent 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 N17.56 billion.

However, the 36 states got their shares after deductions.

Abia took N2.6 billion, Adamawa N2.5 billion, Cross River N1.4 billion, Ekiti N1.6 billion, Edo N1.9 billion, Kaduna State N3.4 billion, Kano State N4.2 billion, Lagos State N5.9 billion, Rivers N7.6 billion, and Zamfara, N2 billion.

Delta N5.6 billion, Anambra N2.8 billion, Benue N2.7 billion, Borno N3.2 billion, Ebonyi N2.4 billion, Enugu State N2.6 billion, Gombe State N2.03 billion, Nasarawa State N2.3 billion, Imo N2.3 billion and Kogi N2.7 billion.

Yobe got N2.7 billion, Taraba N2.3 billion, Sokoto State N2.9 billion, Plateau N1.7 billion, Oyo State N2.79 billion, Osun N305 million, Ondo State N3.3 billion, Ogun N1.5 billion, Niger N2.7 billion and Kebbi N2.73 billion.

Also, Katsina State got N3.2 billion, Bayelsa N6.3 billion, Bauchi State N2.3 billion, Jigawa N3.1 billion, Akwa Ibom N8.7 billion and Kwara N2.2 billion.

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