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FAAC monitor: States collect N143.6 billion from federation account in September
by Usman Alabi
States of the federation got N143.6 billion from the federation account in September as their share of distributable revenue generated for the month. The amount shared was generated in August
According to a report by NAN, the agencies that remitted funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), The Federal Inland Revenue Service and the Nigerian Custom Service. The report also showed that the amount distributed included the Gross Statutory revenue, Value Added Tax, exchange gain, N35 billion excess Petroleum Profit Tax and 13% derivation to oil producing states which are Abia, Delta, Ondo, Akwa Ibom, Rivers, Cross Rivers, Imo, Edo and Bayelsa. According to the report, state liabilities were deducted before distribution; the liabilities include an external debt of N2.9 billion, contractual obligations of N10.48 billion and other deductions amounting to N16.9 billion. Other deductions covered National Water Rehabilitation Projects, National Agricultural Technology Support, Payment for Fertilizer, State Water Supply Project, State Agriculture Project and National Fadama Project.
The Federation Account Allocation Committee (FAAC) is composed of commissioners of finance and Accountant-General from the 36 states of the federation; the Accountant General of the Federation, and representatives from the NNPC, Federal Inland Revenue Service, Nigerian Custom Service, Revenue Mobilization, Allocation and Fiscal Commission as well as the Central Bank of Nigeria.
The amount each of the states got is contained below:
Abia N3.01 billion, Adamawa, N3.14 billion, Cross River N2.04 billion, Ekiti N2.16 billion, Edo N2.54 billion, Kaduna N4.23 billion, Kano N5.2 billion, Lagos N7.92 billion, Rivers N9.05 billion, Zamfara N2.58 billion, Delta N7.39 billion, Anambra N3.43 billion, Benue N3.37 billion, Borno N3.9 billion, Ebonyi N 2.99 billion, Enugu N3.34 billion, Gombe N2.61 billion, Nasarawa N2.92 billion, Imo N2.97 billion, Kogi N3.39 billion. Yobe N3.29 billion and Taraba N2.89 billion
Sokoto got N3.62 billion, Plateau N2.31 billion, Oyo N3.53 billion, Osun N868.9 million, Ondo N4.18, Ogun N2.16 billion, Niger N3.49 billion, Kebbi N3.36 billion, Kastina N4 billion, Bayelsa N7.6 billion, Bauchi N3.52 billion, Jigawa N3.82 billion and Kwara N2.77 billion.
Federal Capital Territory, Abuja got N4.7 billion while the LGs shared N516 billion.
The federation account is managed based on a legal framework that allows funds to be shared to the three tiers of government under three major components which are the statutory allocation, Value Added Tax distribution, and allocation made under the principle of derivation
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