THE federal, states and the 774 local governments on Monday shared a total sum of N921 billion from different sources of revenue at the last meeting of the Federation Account Allocation Committee (FAAC) which was held in Abuja.

The meeting was chaired by Dr Yerima Lawal Ngama, Finance Minister of State who is also the chairman of FAAC.

The sum of N727 billion allocation came from statutory and VAT allocations, N187 billion was transferred from the Foreign Excess Crude Account and a total sum of N7.6 billion was a batch of refunds from the Nigerian National Petroleum Corporation (NNPC).

The highest recipients of the N727 billion from the statutory and VAT allocations were the oil-producing states of Rivers that received N15.4 billion, Akwa Ibom N14.5 billion, Delta N12.8 billion and Bayelsa N8.6 billion.

The highest recipients from non-oil–producing states were Lagos N12.7 billion and Kano N9 billion. The lowest recipients are Gombe N2.9bn and Ebonyi N3.1bn. [/b]The Economic Confidential also confirmed other disbursements in the month where the Federal Government which received N173.4 billion, FCT Councils N3.5 billion, Nigeria Customs Service (NCS) N2.1 billion, and the Federal Inland Revenue Service (FIRS) N3.7 billion.

The total sum of N187 billion from the Foreign Excess Savings Account was revenue generated as differential between budget and actual receipts into the account. [b]While some oil-producing states received over N8 billion Naira each from the account due to the derivation from oil and gas, some non-oil-producing states got amount lesser than N2 billion each.

The refund of N7.6 billion from NNPC was the sixth such refunds which were shared at the meeting of the Federation Account Allocation Committee. In some instance a total allocation to local governments in a particular state could be higher than the allocation made to the state. The refund also featured the application of derivation principle on Oil and Gas.

The oil-producing states shared the 13 per cent set aside as derivation fund which amounted to N650.249 billion

The increase, according to the document, was higher because of the increase in the collection of Petroleum Profit Tax in December 2011 and January 2012. as well as the upward revision of the tax by oil companies.

http://tribune.com.ng/index.php/front-page-news/37877-rivers-aibom-lagos-delta-get-lions-share-as-fg-states-lgs-share-n921bn-feb-allocations

Thats too much money in the filthy hands of Fashola and Tinubu

[size=21pt]The highest recipients from non-oil–producing states were Lagos N12.7 billion and Kano N9 billion.[/size]

According to Sanusi's law: less allocation = more boko haram.
So how come Kano with one of the highest allocations also boasts of 6 million almajiri's - the most in the federation?

What is Kano state doing with all that awuf? And what do Sanusi and his fellow parasitic awuf luv'n phucks have to say about this?

akwa ibom is been over paid. i have said it over and over. ondo state ,delta. cross river are under paid

Beaf:

According to Sanusi's law: less allocation = more boko haram.
So how come Kano with one of the highest allocations also boasts of 6 million almajiri's - the most in the federation?

What is Kano state doing with all that awuf? And what do Sanusi and his fellow parasitic awuf luv'n phucks have to say about this?

country is messed up.........

I think the money should be shared equal among all non oil producing States while derivation should be increased to 40% or total resource control implemented.

akwa ibom is been over paid. i have said it over and over. ondo state ,delta. cross river are under paid

Bad belle

BabaTony: akwa ibom is been over paid. i have said it over and over. ondo state ,delta. cross river are under paid

Bad belle

What is d bad tin he said??

oil producing states deserve 50% then the change should be shared to the rest based on what they have done with the money given to them before... if any state says no to this, they can kill themselves or leave the country.whatever

musiwa.:
akwa ibom is been over paid. i have said it over and over. ondo state ,delta. cross river are under paid

Closet almajiri, how is my state Akwa Ibom 'overpaid'?
My former governor, Attah, slugged it out with Obasanjo and won in court so what in the hell are you talking about?

Toaskarity: oil producing states deserve 50% then the change should be shared to the rest based on what they have done with the money given to them before... if any state says no to this, they can kill themselves or leave the country.whatever

Not exactly like that bro. It should be pre-1967 formula.
50% to region (now states)
25% to FG
25% to be re-distributed to all states of the federation based on population and land-mass.

All these money going to oil-producing states,where do they end ?

careytommy:
Not exactly like that bro. It should be pre-1967 formula.
50% to region (now states)
25% to FG
25% to be re-distributed to all states of the federation based on population and land-mass.

Still sane thing

careytommy:
Not exactly like that bro. It should be pre-1967 formula.
50% to region (now states)
25% to FG
25% to be re-distributed to all states of the federation based on population and land-mass.

correct..... the old formula got to change.......