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FG, States, LGs receive N608.33bn in May

FG, States, LGs receive N608.33bn in May

The Federal Government, States and Local Governments of the federation received a total sum of N608.33 billion as allocations in May, the National Bureau of Statistics (NBS) has said.

The amount was part of the sum of N701.02 billion disbursed by the Federation Account Allocation Committee (FAAC) in May 2018 from the revenue generated in April 2018.

NBS in its latest report released on Monday said the amount disbursed comprised of N612.64 billion from the Statutory Account, N87.97 billion from Valued Added Tax (VAT) and N418.88 million being excess bank charges recovered.

A breakdown of the revenue allocation distribution revealed that the Federal Government received a total of N289.04 billion. States received a total of N181.96 billion and Local Governments received N137.33 billion, while the sum of N49.76bn was shared among the oil producing states as 13 percent derivation fund.

Read also: 2018 BUDGET: Oil fortune killing Nigerian govt’s economic diversification plan

The report partly read: “Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.66 billion, N8.67 billion and N4.66 billion respectively as cost of revenue collections.”

According to the Bureau Office, the sum of N247.12 billion was disbursed to the Federal Government of Nigeria consolidated revenue account; N5.25 billion shared as share of derivation and ecology; N2.68 billion as stabilization fund; N8.89 billion for the development of natural resources; and N6.06bn. billion to the Federal Capital Territory (FCT) Abuja.

In all the 36 states, Delta State got the highest share of N17.02 billion. AkwaIbom followed with N15.24 billion, while Rivers received N13.59 billion.

On the other hand, Osun got the lowest amount of N1.85 billion. Cross River received N3.02 billion, while Ekiti went home with N3.10 billion.

By Oluwasegun Olakoyenikan…

 

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