N52.3b Transferred Into Excess Crude Account

As Federation Account Disburses N741.06b For November 2014

A total of N741,065,009,136.7 accrued into the Federation Account for the month of October 2014 and was distributed in November as revenue allocation according to exclusive data obtained by Economic Confidential.

The figure was made of N705,515,773,445.27, which was declared as revenue accruing from statutory revenue (oil and gas, customs and excise and tax) and value added tax (VAT) and N35,549,235,691.43 being accruals from the fuel price increments commenced on January 1, 2012 from N65 to N97 per litre.

A detailed analysis of the pattern of distribution showed that the money was shared among federal, states and local governments, Federal Capital Territory (FCT) as well as Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), Department of Petroleum Resources with the balance going to joint venture partners and excess crude oil accounts.

Altogether, the Federal Government got N241,054,545,601.55, states got N190,529,444,336.7 after deductions, while the 774 local government councils shared N116,610,916,264.26 after deductions

FCT got an allocation of N2,471,487,559.42; FIRS was allocated N5,160,505,182.39; DPR was given N5,177,648,565.69; while N52,370,527,188.16 was transferred into the excess crude accounts, the documents indicated.

On the table of distribution, Akwa Ibom and its 31 local government councils got N22,902,303,261.8 followed by Delta and its 25 council with N18,860,489,700.29 with Rivers State as third highest earner with N16,491,176,897.74.

The next three states in descending order are Lagos- N15,031,602,748.05; Kano- N12,734,032,498.9 and Bayelsa- N11,842,703,320.29.

On the lower end of the table, Zamfara and its councils occupy number 30 with N6,172,009,332.74; Osun at number 31 with N5,992,882,779.27 and Kwara with N5,628,641,198.31 at number 32.

Nassarawa got N5,391,349,615.33 taking up number 33rd position; Ekiti at number 34 with N4,986,664,012.01; Ebonyi collected the 35th smallest amount with N4,793,937,557.02 and Gombe bringing up the rear with N4,762,068,203.33.


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