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FAAC paid out N2.49trn to FG in FY2020 despite pandemic

February 13, 2021740 views0 comments

By Charles Abuede

 

  • Pay-out lower than 2019 figure by N442.65bn

 

 

New data released Friday by the National Bureau of Statistics (NBS), Nigeria has revealed that in the year 2020, the Federation Account Allocation Committee (FAAC) disbursed a total sum of N2.49 trillion to the Federal Government of Nigeria. The 2020 figure is N442.65 billion lower than the total allocation (N2.93 trillion) received in the previous year from the allocation committee.

FAAC paid out N2.49trn to FG in FY2020 despite pandemicA detailed look at the net allocation for the year shows that during the year that was affected by a global health crisis which led to reduced revenue generation capacity, the highest allocation to the federal government was in the months of January 2020 with the sum of N243.45 billion and followed by August 2020 with the sum of N232.34 billion, which can be attributed to the gradual easing of the lockdown restrictions and guidelines which at the initial stage of the year was enacted in a bid to curtail the spread of the virus.

On the flip side, in the months of December and November 2020, a total of N160.59 billion and N176.28 billion was allocated to the federal government from the total revenue shared in the year.

On the other hand, the data accessed by Business A.M. from the NBS shows that the states received a total of N2.30 trillion within the full year 2020. The months with the highest Net Allocation were January and August with N243.45 billion and N232.34 billion respectively.

With the total Net FAAC allocation to State Government standing at N2.30 trillion in the full year, Delta and Akwa Ibom States received the highest allocation of N186.83 billion and N146.27 billion respectively in 2020 and then Lagos got a total of N115.93 billion, while Osun and Cross River States received the least allocation of N30.63 billion and N32.89 billion and Plateau state received N35.64 billion in that order.

Meanwhile, the Gbetiokun Derivation and Suko Derivation accounted for N1.03 billion and N994.94 million respectively.

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