With the distribution of N668.9 billion for the month of June 2018, as indicated in the report of the National Bureau of Statistics, NBS, Monday, the three tiers of Nigerian government have shared a total of N3.5 trillion as statutory allocations in the first half of 2018, H1'18.
The Federal Government took N1.7 trillion representing 49 percent of the distributed funds, while the 36 states of the federation collected N1.1 trillion or 31.4 percent, leaving N795.52 billion to the 774 local governments. On monthly basis, the highest allocation of N608.33 billion happened in May, while the lowest allocation of N566.14 billion was received in February.
The amount disbursed in June comprised of N575.48 billion from the Statutory Account and N93.42 billion from Valued Added Tax (VAT). The NBS report stated: Federal government received a total of N282.22 billion from the N668.90 billion. States received a total of N181.17 billion and Local governments received N136.49 billion.
The sum of N53.07 billion was shared among the oil producing states as 13 percent derivation fund. Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.63 billion, N7.40 billion and N3.92 billion respectively as cost of revenue collections.
The report further stated: The sum of N240.85 billion was disbursed to the FGN consolidated revenue account; N5.10bn shared as share of derivation and ecology; N2.55 billion as stabilization fund; N8.57 billion for the development of natural resources; and N5.96 billion to the Federal Capital Territory (FCT) Abuja
(Vanguard)
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