A whopping sum of N6.16tn was withdrawn from the Federation Account and shared among the three tiers of government in the 2012 financial year, investigations have revealed.
The figure is the total amount allocated under various distribution sub-heads, as approved by the legal framework upon which the account is being managed.
They are statutory allocation, which is shared in the following manner: Federal Government, 52.68 per cent; states, 26.72 per cent; and local governments 20.60 per cent; Value Added Tax (Federal Government, 15 per cent; states, 50 per cent; and LGs, 35 per cent); and extra allocation given to oil producing states based on the 13 per cent principle of derivation.
In addition, the amount is also made up of the monthly refund of the indebtedness of N7.6bn, which the Nigerian National Petroleum Corporation owed the Federation Account.
The refund is only shared by the states and local government, as the Federal Government is excluded from the distribution since it has forfeited its part to the corporation.
The total figure, which was obtained by our correspondent from the Ministry of Finance, represented the monthly compilation of revenues allocated to the three tiers of government by the Federation Account Allocation Committee.
The committee is made up of the commissioners of Finance from the 36 states of the federation, and is headed by the Minister of State for Finance, Dr. Yerima Ngama.
Other members of the committee are the Accountant-General of the Federation and representatives of the Central Bank of Nigeria, Revenue Allocation and Fiscal Commission, Federal Inland Revenue Service, Nigeria Customs Service, and the Nigerian National Petroleum Corporation.
Out of the N6.16tn, N614bn was shared in January; February, had the highest figure of distributed revenue with N620bn; N613.6bn was shared in March; April, N497.71bn; and May, N563.08bn.
Similarly, N461.76bn was approved for sharing in June; while N520.91bn was shared in July; August, N570.61bn; September, N566.51bn; October, N574.9bn; and November, N572.9bn.
The statutory revenue collected for the month of December has not been distributed as this month’s FAAC meeting has not been convened.
A further analysis of the statutory allocations given to each tier of government for the period showed that the Federal Government got N2.39tn; the 36 states of the federation shared N1.21tn; while N935.2bn was shared among the 774 local government areas.
When further broken down, the Federal Government got N173.4bn in January and N189.16bn, N231.63bn, N233.96bn and N296.63bn in February, March, April and May, respectively.
Similarly, it got N218.24bn in June; N217.77bn in July; August, N206.73bn; September, N211.74bn; October, N218.65bn; and November, N190.3bn.
CULLED FROM: PUNCH - January 9, 2013 by Ifeanyi Onuba, Abuja
Written by NEWSTRAWL ONLINE UPDATE
Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner
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