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Friday, 27 September 2019

NIGERIA BUDGETARY ALLOCATION AND THE CONTINUOUS MISERY OF THE PEOPLE (PART 2)

NIGERIA BUDGETARY ALLOCATION AND THE CONTINUOUS MISERY OF THE PEOPLE (PART 2)

MARCH 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.86 billion to the three tiers of government in March 2019 from the revenue generated in February 2019. The amount disbursed comprised of N474.42 billion from the Statutory Account, N96.39 billionn from Valued Added Tax (VAT), N4.02 billion as excess bank charges recovered, N44.17  billion was distributed as FOREX Equalization Fund and N858.46 million exchange gain differences.

Federal Government received a total of N257.68 billion from the N619.85 billion. States received a total of N169.93 billion and local governments received N127.72 billion. The sum of N50.95 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 N3.91billion, N6.49 billion and N3.19 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 N203.04 billion was disbursed to the FGN consolidated revenue account; N4.63 billion shared as part of derivation and ecology; N2.31billion as stabilization fund; N7.77 billion for the development of natural resources; and N5.52 billion to the Federal Capital Territory (FCT) Abuja.

APRIL 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N617.57 billion to the three tiers of government in April 2019 from the revenue generated in March 2019. The amount disbursed comprised of N446.65 billion from the Statutory Account, N92.18 billion from Valued Added Tax (VAT), N55 billion as Goods and Value Consideration, N10 billion as Additional Funds from NNPC, N13.09 billion distributed as FOREX Equalisation Fund and N652.55 million exchange gain differences.

Federal Government received a total of N257.76 billion from the N617.57 billion. States received a total of N168.25 billion and local governments received N126.58 billion. The sum of N49.82 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 N5.12 billion, N6.15 billion and N3.87 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 N203.11 billion was disbursed to the FGN consolidated revenue account; N4.64 billion shared as part of derivation and ecology; N2.32 billion as stabilization fund; N7.80 billion for the development of natural resources; and N5.49 billion to the Federal Capital Territory (FCT) Abuja.

MAY 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of N616.20 billion to the three tiers of government in May 2019 from the revenue generated in April 2019. The amount disbursed comprised of N518.92 billion from the Statutory Account, N96.49 billion from Valued Added Tax (VAT) and N797.11 million exchange gain differences.

Federal Government received a total of N253.92 billion from the N616.20 billion. States received a total of N168.06 billion and local governments received N126.28 billion. The sum of N46.35 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 N5.38 billion, N6.78 billion and N3.12 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 N199.58 billion was disbursed to the FGN consolidated revenue account; N4.56 billionn shared as part of derivation and ecology; N2.28bn as stabilization fund; N7.65 billion for the development of natural resources; and N5.44 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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