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Tuesday, 17 September 2019

NIGERIA BUDGETARY ALLOCATION AND THE CONTINOUS MISERY OF THE PEOPLE (PART 1)

NIGERIA BUDGETARY ALLOCATION AND THE CONTINOUS MISERY OF THE PEOPLE (PART 1)

NIGERIA ALLOCATION 2018

The Federation Account Allocation Committee (FAAC) disbursed the sum of N3.19 trillion to the Federal Government of Nigeria in 2018 while states received a total of N2.57 trillion within the period under review. The amount disbursed to the Federation comprised of N2.8 trillion as net statutory allocation, N156.98 billion as valued added tax (VAT), N10.66 billion as NNPC refund and the distribution of N128.41billion from the FOREX equalization fund.

Delta and Akwa Ibom States received the highest allocation of N213.63 billion and N202.37 billion respectively. Osun and Cross River States received the least allocations of N22.84bn and N36.95bn in that order. Five trillion naira (₦5,570, 000, 000, 000, 000), that is approximately $13, 925, 000, 000, 000 if the country's exchange rate stood at ₦400 per dollar, the total amount of money disbursed in Nigeria for 2017 and 2018 would amount to that figure. This was the sum total of money spent on this grossly corrupt and retrogressive country called Nigeria. The question then would be, where else is this colossal amount of money in Nigeria really reflecting if not in the private pockets and bank accounts of the politicians?

JANUARY 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N649.19 billion to the three tiers of government in Nigeria in January 2019 from the revenue generated in December 2018. The amount disbursed comprised of N547.46 billion from the Statutory Account, N100.76 billionn from Valued Added Tax (VAT) and N976.53 million exchange gain difference of N70 billion.

Federal government received a total of N270.17 billion from the N812.76 billion. States received a total of N178.04 billion and local governments received N133.83 billion. The sum of N45.36 billion was shared among the oil producing states at the rate of 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.69 billion, N4.04 billion and N8.04 billion respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N216.57 billion was disbursed to the FGN consolidated revenue account; N4.81billion was shared as part of derivation and ecology, N2.43 billion as stabilization fund, N8.15 billion for the development of natural resources, and N5.82 billion to the Federal Capital Territory (FCT) Abuja.

FEBRUARY 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N660.37 billion to the three tiers of government in February 2019 from the revenue generated in January 2019. The amount disbursed comprised of N497.12 billion from the Statutory Account, N104.47 billion from Valued Added Tax (VAT), N8.12 billion as excess charges recovered, N50 billion distributed as FOREX Equalization Fund and N654.70 million exchange gain differences.

Federal Government received a total of N275.33 billion from the N660.37 billion. States received a total of N182.17 billion and local governments received N136.88 billion. The sum of N48.49 billion was shared among the oil producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.66 billion, N7.62 billion and N4.07 billion respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N221.33 billion was disbursed to the FGN consolidated revenue account; N4.94 billionn shared as share of derivation and ecology, N2.47 billion as stabilization fund, N8.30 billion for the development of natural resources, and N5.90 billion to the Federal Capital Territory (FCT) Abuja.

Written by Obulose Chidiebere N.

Edited by Domendu Emilia
For Family Writers Press International

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