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First quarter: Akwa Ibom gets N34.8bn, Osun N1.7bn in FAAC revenue

The federation account allocation committee (FAAC) has released its report on how the three tiers of government shared first quarter’s revenue for 2017.

The report shows that the federal, states and local governments shared N1.4 trillion, being the revenue generated in the quarter.

Akwa Ibom got the highest share of N34.8bn while Osun state received the lowest share of N1.7bn.

A breakdown of the allocation shows what each state received in the first quarter of 2017.

  1. Abia N8.42bn
  2. Adamawa N7.8 bn
  3. Akwa Ibom N34.8bn
  4. Anambra, N8.7bn
  5. Bauchi N7.9bn
  6. Bayelsa N22.97bn
  7. Benue, N8.16bn
  8. Borno N9.74bn
  9. Cross River N4.28bn
  10. Delta N21.5bn
  11. Ebonyi N7.56bn
  12. Edo N6.5bn
  13. Ekiti N4.97bn
  14. Enugu N7.86bn
  15. Gombe N6.35bn
  16. Imo N7.92bn
  17. Jigawa N9.66bn
  18. Kaduna N10.56bn
  19. Kano N14.02 bn
  20. Katsina N10.05bn
  21. Kebbi N8.37bn
  22. Kogi N8.28bn
  23. Kwara N6.9bn
  24. Lagos 19.03bn
  25. Nassarawa N7.41bn
  26. Niger N9 bn
  27. Ogun N4.98bn
  28. Ondo N10.22bn
  29. Osun N1.7bn
  30. Oyo N8.bn
  31. Plateau N5.7bn
  32. Rivers N26.8bn
  33. Sokoto N9.07bn
  34. Taraba N6.9bn
  35. Yobe N8.33bn
  36. Zamfara N5.91bn

The FAAC report indicates that the revenue shared in January between the three parties was N430.16 billion. FG got N168bn, N114.28bn for states and N85.4bn for LGAs.

In February, there was an increase as the allocation was N514bn with FG took N200.6bn; states, N128.4bn while the LGAs got N96.52bn.

However, in March, revenue generation dipped to N466.9bn in which the FG got N180.5bn, states got N116.5bn while LGAs got N87.5bn.

The allocation was done using the revenue sharing formula of 52.68 per cent for federal government, 26.72 per cent for the states and 20.60 per cent is for the local governments.

The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and the Nigerian Customs Service (NCS).

The report also showed that before distribution, state liabilities were deducted including “an external debt of N8.73bn, contractual obligations of N30.15bn and other deductions amounting to N50.23bn”.

Source: NAN

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Solomon Obende
Solomon Obende is a graduate of Public Administration from the prestigious Ambrose Alli University who is passionate about communications for development. He is proficient in crafting effective social media strategies. He listens to Jimmy Cliff's songs daily.

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