A brand new report by the Economic Confidential has disclosed that the Federal Government, 36 states and the 774 native authorities councils in Nigeria shared a complete sum of N8trillion from the Federation Account in 2018 regardless of the shut-ins in a number of oil installations in the course of the interval.
The allocations had been made after the month-to-month conferences of the Federation Account Allocation Committee (FAAC) in 2018.
The present sources of income move into the Federation Account are income collected by businesses of the Federal Government with little or no contributions from states and native authorities councils.
While the Federal Government and its businesses beneath the administration of President Muhammadu Buhari obtained a complete sum of N3.48 trillion, the opposite tiers: states and native authorities councils shared a complete sum of N4.5 trillion in 2018.
Meanwhile, in 2017, the Federal Government and its businesses had obtained N2.5 trillion whereas the opposite tiers of presidency shared N3.three trillion.
In its annual detailed investigative report with a desk of figures, the Economic Confidential stated that among the many state recipients, Delta is ranked first as the very best recipient of gross allocation with a complete sum of N285bn in the twelve months of 2018.
It is adopted by Akwa State N272bn, Lagos N260bn, Rivers N237bn and Bayelsa N192bn. The 5 states cornered over 1 / 4 (25%) of the full allocation for the States and native authorities councils in Nigeria in 2018.
Among the 10 highest recipients from the Federation Account in 2018 included Kano State which obtained N183bn, Katsina N138bn, Oyo N131bn, Kaduna N131bn and Borno State N122bn.
The report additional disclosed that Edo and Ondo that are oil-producing states obtained N112bn and N108bn respectively whereas one other state in the South-South, Cross River State merely obtained N91bn.
Factors that affect allocations to states and native authorities councils from the Federation Account embody: Population, Derivation, Landmass, Terrain, Revenue Effort, School Enrolments, Health Facilities, Water Supply and Equality of the beneficiaries.
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The income producing businesses to the Federation Account are the Nigerian National Petroleum Corporation (NNPC), Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS) and Department of Petroleum Resources (DPR).
The revenues come from Export Crude Sales, Domestic Crude Sales, LPG, NLNG, Petroleum Profit Tax (PPT), Company Income Tax (CIT), Withholding Tax (WHT), Import Duty, Excise Duty, Royalties, Gas Flared and miscellaneous oil income corresponding to Oil Prospecting License and oil Mining Licence
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