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South-south States Got The Highest Disbursements In 2017---FAAC by Okoroawusa: 10:28pm On Feb 21, 2018 |
State – by – state breakdown of the FAAC
allocations in 2017 showed that Akwa Ibom
State received the highest share of 143.6
billion, followed by Rivers State with a total
allocation of N119.6 billion. Delta State came
third with a total allocation of N111.2 billion in
2017, while Bayelsa State got N105.3 billion to
take the fourth position.
On the other hand, Osun State received N10.4
billion to take the lowest position of FAAC
within the year under review.
NEITI review of FAAC allocations shows that
the third quarter of 2017 recorded highest
revenues of N1.929 trillion, while second
quarter recorded the lowest revenues of
N1.377 trillion.
The NEITI review also revealed that revenue
disbursements from Value Added Tax has
been on the increase since 2015. The
increase is an indication of a positive signal in
recognition of the government’s plan towards
the development of non-oil sectors through
sustained revenue generation from services.
According to the NEITI publication, “VAT
disbursements in 2017 were N967.7 billion and
N811 billion in 2016. This represented an
increase of 19.3% in 2017 over the figures for
2016. Also, total VAT disbursements in 2015
were N778.7 billion.
“This represented an increase of N188.9
billion (24.3%) over the 2015 figures.”
From the review, the 36 states received the
highest share of VAT revenues of N464.5
billion in 2017, followed by N325.1 billion
shared among the 774 local governments,
while the Federal Government received the
lowest share from VAT proceeds with N139.3
billion.
This is on the account of the fact that states
take 50% of VAT, while LGAs and the Federal
government take 35% and 15%, respectively.
The NEITI review explained the connection
between FAAC disbursements and Nigeria’s
exit from recession in 2017. The report also
attributed this development to increased
revenues from oil and gas sector as a result
of rising oil prices and improved crude oil
production due to stability in the Niger Delta.
On Paris Club loan refunds, the review
disclosed that the 36 states received N760.18
billion. The refunds were released in two
batches of N516.38 billion and N243.79 billion
respectively.
A breakdown showed that Rivers State got the
highest amount of N44.925 billion while
Gombe State received the lowest sum of
N13.4 billion. |
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