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FAAC: HOW FG, STATES, LGs SHARED N455Bn ALLOCATION FOR OCTOBER

… As Akwa Ibom Gets 13% Derivation
nigeria finance minister
Minister of Finance, Mrs. Kemi Adeosun, said Federal, State Governments and the Local Government Councils shared N455 billion in October from the Federation Account.

The 36 states of the federation shared N111.8 billion in October, less than the N143.6 billion shared in September from the Federation Account by N31.8 billion.

The breakdown forms part of a report obtained by the News Agency of Nigeria from a source at the Office of the Accountant-General of the Federation in Abuja on Sunday.

The report showed that the revenue allocated for each state in October was less than what they got from the Federation Account in September.
The Minister of Finance, Kemi Adeosun, represented by the Permanent Secretary of the Ministry, Mahmoud Isa-Dutse, at the last FAAC meeting, attributed the low revenue earnings of the month to the decline to the loss of $45.5 million in Federation Export sales, while shut- in and shut-down of pipelines for repairs and maintenance also contributed to the drop in revenue.

The decrease in volume of dutiable imports receipts from Joint Venture Cash Call, Foreign Companies Income Tax and Value Added Tax were other reasons given.

The revenue distributed included the Gross Statutory revenue, Value Added Tax, exchange gain, N63.3 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.

However, the 36 states got their due shares after all deductions were made.

Abia took N2.6 billlion,

Adamawa N2.5 billion,

Cross River N1.4 billion,

Ekiti N1.6 billion,

Edo N1.9 billion,

Kaduna State N3.4 billion,

Kano State N4.2 billion,

Lagos State N5.9 billion,

Rivers N7.6 billion,

Zamfara, N2 billion.
Delta N5.6 billion

Anambra N2.8 billion,

Benue N2.7 billion,

Borno N3.2 billion,

Ebonyi N2.4 billion,

Enugu State N2.6 billion,

Gombe State N2.03 billion,

Nassarawa State N2.3 billion,

Imo N2.3 billion

Kogi N2.7 billion.

Yobe got N2.7 billion,

Taraba N2.3 billion,

Sokoto State N2.9 billion,

Plateau N1.7 billion,

Oyo State N2.79 billion,

Osun N305 million,

Ondo State N3.3 billion,

Ogun N1.5 billion,

Niger N2.7 billion

Kebbi N2.73 billion.
Katsina State got N3.2 billion

Bayelsa N6.3 billion

Bauchi State N2.3 billion

Jigawa N3.1 billion

Akwa Ibom N8.7 billion

Kwara N2.2 billion.

The report also showed that the Federal Capital Territory had N3.9 billion from the Federal Government’s share of the distributable revenue in October.

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