See Breakdown Of 2018 FAAC Allocation For All States In Nigeria | Nigeria News
Connect with us


Business

See Breakdown Of 2018 FAAC Allocation For All States In Nigeria

Published

See Breakdown Of 2018 FAAC Allocation For All States In Nigeria

A fresh report has revealed that the 36 states and the 774 local government councils in Nigeria shared a total sum of N8trillion from the Federation Account in 2018.

Naija News understands that the allocations were made after the monthly meetings of the Federation Account Allocation Committee (FAAC) in 2018. The current sources of revenue flow into the Federation Account are collected by agencies of the Federal Government with little or no contributions from state or local government council.

Economic Confidential, an intelligence economic magazine, released the report on Tuesday, April 22, 2019.

According to the report, Delta is ranked first as the highest recipient of gross allocation with a total sum of N285bn in the twelve months of 2018. It is followed by Akwa State N272bn, Lagos N260bn, Rivers N237bn and Bayelsa N192bn

The five states received over a quarter (25%) of the total allocation for the States and local government councils in Nigeria in 2018.

This online news platform understands that the report listed the 10 highest recipients from the Federation Account in 2018 to include Kano State which got N183bn, Katsina N138bn, Oyo N131bn, Kaduna N131bn and Borno State N122bn.

The report further revealed that Edo and Ondo which are oil-producing states got N112bn and N108bn respectively while another state in the South-South, Cross River State merely received N91bnbn.

Meanwhile, the lowest recipients are Kwara N81bn, followed by Ebonyi and Gombe states which received N76bn each.

The Economic Confidential also revealed that the sources of revenue flow into the Federation Account are revenue collected by agencies of the Federal Government with little or no contributions from states and local government councils.

According to the report, while the Federal Government and its agencies under the administration of President Muhammadu Buhari received a total sum of N3.48 trillion the other tiers, States and local government councils shared a total sum of N4.5 trillion in 2018. Meanwhile, in 2017 the Federal Government and its agencies had received N2.5 trillion while the other tiers of government shared N3.3 trillion.

It noted that the factors that influenced allocations to states and local government councils from the Federation Account include: Population, Derivation, Landmass, Terrain, Revenue Effort, School Enrolments, Health Facilities, Water Supply and Equality of the beneficiaries.

The revenue generating agencies to the Federation Account are the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and Department of Petroleum Resources (DPR), the report added.

According to the report, revenues come from Export Crude Sales, Domestic Crude Sales, LPG, NLNG, Petroleum Profit Tax (PPT), Company Income Tax (CIT), Withholding Tax (WHT), Import Duty, Excise Duty, Royalties, Gas Flared and miscellaneous oil revenue such as Oil Prospecting License and oil Mining Licence.

See the breakdown of the amount of money received by each state from the Federation Account from January to December 2018 below…

FAAC January to December 2018 for all states in Nigeria


Download Naija News App.   Advertise with us.   Send us enquiries and press releases.


Journalist|| Writer|| Digital Media Strategist.