A new report by the Economic Confidential has disclosed that the Federal Government, 36 states and the 774 local government councils in Nigeria shared a total sum of N5.9 trillion from the Federation Account in 2017 in spite of the economic recession witnessed during the period.
While the Federal Government and its agencies received a total sum of NN2.5 trillion while the other tiers of government shared N3.3 trillion.
The total allocation of N3.3tr to States and their Local Government Councils is N700 billion above the N2.6 trillion they received in the previous year of 2016.
In its annual detailed investigative report with a table of figures, the Economic Confidential disclosed that among the state recipients, Lagos is ranked first as the highest recipient of gross allocation with a total sum of N201bn in the twelve months of 2017. It is followed by Akwa State N197bn, Rivers N178bn, Delta State N175bn and Kano State N143bn. The five states cornered over a quarter (25%) of the total allocation for the States and local government councils in Nigeria.
Among the 10 highest recipients from the Federation Account are Bayelsa State which got N138bn; followed by Katsina State N103bn, Oyo State N101bn, Kaduna State N98bn and Borno State N92bn.
The lowest recipients are Gombe and Ebonyi States that got N57bn each followed by Ekiti and Nasarawa State N59bn each and Kwara N61bn.
The report further disclosed that Edo and Ondo which are oil-producing states got N75bn and N85bn respectively while another state in the South-South, Cross River State merely received N68bn.
The Economic Confidential, Nigeria’s intelligence economic magazine, gathered that factors that influence allocations to states and local government councils from the Federation Account include: Population, Derivation, Landmass, Terrain, Revenue Effort, School Enrolments, Health Facilities, Water Supply and Equality of the beneficiaries.
The Economic Confidential which is circulated at the monthly meeting of the Federation Account Allocation Committee (FAAC) has been publishing the monthly Federation Account Allocation figures since January 2007. It also publishes the Annual States Viability Index (ASVI) which measures the survival of States on Internally Generated Revenue (IGR) without relying on Federally Collected Revenues, especially from the Federation Account.
The magazine is a sister publication of PRNigeria, a news release syndication platform.
The Weblink to the story: Bumber Federation Account: https://economicconfidential.com/featured-post/federal-account-allocations-2017/
Table of Federation Account Allocation January to December 2017 https://economicconfidential.com/wp-content/uploads/2018/02/Econ-Faac-January-December-2017-PDF.pdf
2016 REPORTS
Windfall Amidst Recession: States, LGs Share N2.6tr in 2016
Read: https://economicconfidential.com/faac/states-lgs-share-n2-6tr-2016/
2016 Viability Index: Lagos Generates More IGR than 30 States Combined
Read: https://economicconfidential.com/financial/facts-a-figures/asvi-lagos-igr-30-states/
