FG, States, LGs Shared N10.501Trillion in 1 Year (All looted)

Posted by admin Latest Politics, State News Saturday, June 2nd, 2012

In spite of public claim of poor performance, the three levels of government in the country spent a staggering N10.501 trillion in the last one year.

The hefty sum was the revenue that accrued from the Federation Account Allocation Committee (FAAC).

Investigation by Saturday Tribune showed that out of the whole money shared, N780 billion came from Value Added Tax (VAT), while the balance of N8.220trillion formed statutory allocations.

Out of the statutory allocation, the Federal Government received N4.284trillion which is about 52.68 percent; states got N2.147trillion (26.72 per cent), while the 774 local government councils shared among themselves N1.65trillion (20.80per cent)

The sum of N1.068 trillion was shared as 13 per cent derivation fund by the oil-producing states which include Akwa Ibom, Rivers, Bayelsa, Edo, Ondo, Delta, Cross Rivers etc.

Within the period under focus, the sum of N780billion was generrated from VAT and shared among the tiers of government.

The Federal Government received N117billion (15 per cent), states got N390billion (50 percent), while the local councils received N273billion, representing 35 per cent of the total VAT sum.

Though all the tiers enjoyed what could be described as reasonable amount in the year under review.It was discovered that the FAAC meeting as characterised by delays and apprehension due to late remittance of revenue collected by agencies like the Nigeria National Petroleum Corporation (NNPC), the Federal Inland Revenue Services (firs) and the Nigeria Custom Service (NCS).

The highlights of the meeting were the instalmental payment of the N450billion owed by NNPC and the sharing of subsidy reinvestment proceeds among the tiers in the last four months of the year under review.wp_posts