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36 states got N143.6bn from federation account in September —Report

The 36 states got N143.6 billion from the federation account in September as their share of distributable revenue generated for the month.

The breakdown shows in a report obtained by the News Agency of Nigeria (NAN) from a source at the office of the Accountant-General of the Federation in Abuja on Sunday.

The funds are usually shared the following month; for example, revenue generated in January is shared in February; thus, the revenue shared was actually generated in August and shared in September 2016.

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

At the Federation Account Allocation Committee (FAAC) meeting in September, federal, states and local governments shared N516 billion as against the N530 billion that was shared in August.

The report showed that the amount distributed included the Gross Statutory revenue, Value Added Tax, exchange gain, N35 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 N16.9 billion.

The report showed that other deductions coverred National Water Rehabilitation Projects, National Agricultural Technology Support, Payment for Fertilizer, State Water Supply Project, State Agriculture Project and National Fadama Project.

To sum it up, here is what the 36 states got after all deductions were made.

Abia N3.01 billlion, Adamawa N3.14 billion, Cross River N2.04 billion, Ekiti N2.16 billion, Edo N2.54 billion, Kaduna State N4.23 billion, Kano State N5.2 billion, Lagos state N7.92 billion, Rivers N9.05 billion, and Zamfara, N2.58 billion.

Delta N7.39 billion, Anambra N3.43 billion, Benue N3.37 billion, Borno N3.9 billion, Ebonyi N2.99 billion, Enugu State N3.34 billion, Gombe State N2.61 billion, Nassarawa State N2.92 billion, Imo N2.97 billion and Kogi N3.39 billion.

 

derivation principle.