The NBS report revealed that the 36 states and 774 local governments shared a total of ₦10.13 trillion as statutory allocation within six months.>>>CONTINUE FULL READING HERE....CONTINUE READING THE ARTICLE FROM THE SOURCE
Data from the National Bureau of Statistics (NBS) has shown that five states which include some Niger Delta states and the country’s commercial nerve centre, Lagos state received the largest allocations from the federal government from January to May 2024.
The NBS report further revealed that the 36 states and 774 local governments shared a total of ₦10.13 trillion as statutory allocation within the period under review.
The data sourced from monthly reports of the Federation Accounts Allocation Committee (FAAC), and published by the NBS revealed that the 36 states’ allocation rose by 27% to ₦4.5 billion in 12 months (June 2023 to May 2024) from ₦3.58 trillion in the corresponding period (June 2022 and May 2023).
The compilation of the states’ allocations collected from January 2024 to May 2024, showed that some Niger Delta states and Lagos received the most allocations (in naira) as seen in the table below:
States/ Months Delta Rivers Akwa Ibom Lagos Bayelsa
January 30,373,035,051.56 25,225,403,682.36 20,970,729,547.51 31,638,718,887.15 17,213,664,691.08
February 38,110,900,625.87 28,377,763,964.63 26,560,328,439.90 23,624,839,736.46 22,832,941,563.11
March 62,776,473,446.52 41,710,937,891.19 41,655,412,272.71 21,205,079,995.46 37,186,105,775.39
April 37,793,841,912.19 33,342,187,021.44 25,993,885,254.88 29,283,795,849.92 25,568,706,671.72
May 47,917,596,728.19 36,084,010,228.92 33,312,263,692.18 28,724,259,864.62 29,694,283,742.06
TOTAL ₦217 billion ₦164.7 billion ₦148.5 billion ₦134.5 billion ₦132.5 billion
The revenue sharing formula as defined by FAAC gives the FG the larger part of the allocation which stands at 52.68%, the states receive 26.72%, and local governments get 20.60%.
The monthly income shared with the federal, state and local government areas is mostly sourced from earnings derived from oil exports, taxes (Value Added Tax – VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference revenue and other statutory allocations.
Other income sources include internally generated revenue and the 13% derivation revenue (for the benefitting states) which explains the higher allocations for the Niger Delta (oil-producing) states.>>>CONTINUE FULL READING HERE
