South-South and North-West regions got the lion’s share, receiving 46.6 per cent of the total allocation, The ICIR analysis shows.
Out of the six geo-political zones in the country, the South-South region received the largest share of the total allocation. The region received N50.4 billion, representing 27.76 per cent of the total allocation to states. Next to the South-South is North-West, which got N34.21 billion (18.84 per cent), followed by South-West- N29.48 billion (16.23); North-East- N23.97 billion; North-Central- N22.47 billion (12.38 per cent), and the South-East- N21.06 billion (11.60 per cent).
The amount disbursed in January represents a 3.03 per cent increase when compared with N601.1 billion disbursed in December 2020.
The revenue disbursed constitutes N437.26 billion from Statutory Account, N3.83 billion from Exchange Gain Difference, N6.90 billion from Distribution of FOREX Equalisation and N171.36 billion from Valued Added Tax (VAT).
The total amount received by the federal government was N218.0 billion, while N178.30 billion was shared with state governments. On the other hand, local governments got N131.79 billion. The sum of N32.83 billion was shared among oil-producing states as a 13 per cent derivation fund, the NBS report said.
It was revealed in the report that revenue-generating agencies such as the Nigerian Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N6.99 billion, N10.43 billion and N6.36 billion respectively as cost of revenue collections.
Breakdown of the allocation showed that the sum of N146.33 billion was given to Nigeria’s federal government (FGN) consolidated revenue account. The sum of N3.69 billion was a share of derivation and ecology, while N1.85 billion was for stabilisation fund. Also, N6.20 billion was earmarked for the development of natural resources, just as N5.22 billion was given to the Federal Capital Territory (FCT) Abuja.
