Nigeria’s N639.9bn revenues shared to federal, states, local governments in October

By Charles Abuede

• Lagos tops with N16.7bn in receipt
• Kwara smallest with N4.09bn

Recent revenue data from the National Bureau of Statistics (NBS) has revealed that N639.90 billion was shared to the federal, sub-national and grassroots governments by the Federation Account Allocation Committee (FAAC) in October 2020 from the revenue generated in September 2020.

According to the report from the Abuja based statistics office, the amount disbursed consists of a total of N341.50 billion from the statutory account, N72 billion from distribution of FGN Intervention Fund, the distribution of N45 billion from non-oil revenue, N39.54 billion from foreign exchange (FOREX) equalisation account and N141.86 billion from value-added tax (VAT).

The report also shows that the federal government received N255.75 billion from the N639.90 billion shared. The 36 States of the federation received N185.65 billion and local governments received N138.44 billion. Meanwhile, the sum of N36.19 billion was shared among the oil-producing states as 13 per cent derivation fund.

An analytical breakdown of revenue allocation distribution to the Nigerian federal government (FGN) revealed that the sum of N180.75 billion was disbursed to the FGN consolidated revenue account; with N4.48 billion shared as a share of derivation and ecology; N2.24 billion as stabilisation fund; N7.52 billion for the development of natural resources; and N5.74 billion to the Federal Capital Territory (FCT) Abuja.

Revenue distribution to the 36 states of the federation saw Kwara, Nassarawa, Ebonyi, Ekiti and Gombe states receive N4.09 billion, N4.12 billion, N4.15 billion, N4.16 billion and N4.2 billion respectively on the list of states with the least gross allocations from the allocation committee.

On the other hand, Lagos led the log of highest gainers with N16.67 billion, followed by Delta State with N16.38 billion; Rivers received N12.17 billion, while Bayelsa and Kano states received the sums of N10.16 billion and N7.55 billion respectively during the month of October 2020.

Meanwhile, revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N6.50 billion, N8.54 billion, and N2.77 billion respectively as cost of revenue collections for the period under review.