Delta, Lagos lead as FAAC disburses N606.2bn to tiers of government
Delta state received the biggest share of the total allocation as it scooped a sum of N15.79 billion gross allocation followed by Lagos State, which received N13.05 billion as the Federation Account Allocation Committee (FAAC) disbursed the sum of N606.2 billion to the three tiers of government in May 2020, from the revenue generated in the previous month.
This was revealed in the latest FAAC report released by the National Bureau of Statistics (NBS).
The Federal Government received the highest share of N255.1 billion (42.1%) from the total disbursement, States received a total of N166.63 billion, local governments received N125.4 billion.
Oil-producing states received N37.4 billion as part of the 13 per cent derivation fund.
The sum of N194.19 billion was disbursed to the FGN consolidated revenue account; N4.59 billion was shared as a share of derivation and ecology; N2.3 billion as stabilization fund; N7.71 billion for the development of natural resources; and N5.43 billion to the Federal Capital Territory (FCT) Abuja.
The amount disbursed comprised of N370.41 billion from the Statutory Account, N94.5 billion from Valued Added Tax (VAT), N1.12 billion from Excess Bank Charges Recovered for the Month, N8.89 billion from the Distribution of Solid Mineral Revenue for the month, N103.96 billion distribution for the Month and N27.3 billion Exchange Gain Differences.
Akwa Ibom received N12.5 billion, Rivers State (N11.39 billion), and Bayelsa (N10.62 billion). On the flip side, Kwara State received the lowest share (N3.73 billion) followed by Ekiti State with N3.74 billion allocation. Others include; Nassarawa (N3.82 billion), Ebonyi (N3.83 billion) while Osun State received N3.91 billion.
In May 2020, a sum of N35.9 billion was deducted from the allocation disbursed to the states for the following reasons; External debt deductions in the month stood at N4.46 billion, from which Lagos state accounted for 32.6% (N1.46 billion) of the total debt deductions.
Other deductions consist of National Water Rehabilitation Projects, National Agricultural Technology Support Programme, Payment for Fertilizer, State Water Supply Project, State Agricultural Project, and National Fadama Project.
The report shows that the N606.2 billion marks a decline of 22.4 per cent when compared to N780.9 billion disbursed in April 2020. It however grew slightly by 4.2 per cent compared to N581.6 billion allocated in March 2020. Meanwhile, a total of N3.33 trillion was disbursed between January and May 2020.
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