The Federation Account Allocation Committee (FAAC) shared a total sum of six hundred and ninety three billion, eight hundred and eighty two million, one hundred and eighty six thousand, two hundred and sixty five naira, sixty four kobo (N693, 882, 186, 265.64bn) among federal, states and local government, Federal Capital Territory (FCT), Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS) and Department of Petroleum Resources (DPR) for January 2015.
According to an exclusive document in possession of Economic Confidential, after some statutory deductions amounting to N141, 607, 433, 066.51 billion, Federal Government got N233, 940, 484, 106.14 billion while the thirty six states and seven hundred and seventy four local governments got N301, 654, 832, 455.41 billion.
Among the revenue generating agencies, FIRS got largest share of N5,124,800,398.98 while NCS and DPR got N3,749,552,361.62 and N2,709, 55,739.35 billion respectively.
Further analysis of the document shows that the top six states and local governments with highest allocations are, Akwa Ibom with N23,261,270,860.06, followed by Delta-N17, 535, 478, 618.54; Rivers -N16, 143, 423,079.36, Lagos- N15, 949,458,804.31, Kano- N12,688,347,940.79 and Bayelsa-N12, 017,208,454.66 in descending order.
The last five states on the table of allocation include Ebonyi- N4,511,785,709.74, being the lowest followed by Gombe – N4,661,330,122.37, Ekiti- N4,901,245,131.43, Nassarawa- N5, 335, 528, 658.15 and Kwara- N5,579,192,607.72 billion in ascending order.
Meanwhile, the Federal Government has budgeted N153.36 million daily as subsidy for premium motor spirit for 40 million litres to be consumed by the citizens.
This development was as result of Federal Government’s recent resolution to subsidize the product by N2.84 per litre. For 2015 in perspective, the country will be building a petrol subsidy debt profile of N55.98 million.
Analysts contend that if the Naira continues to fall against American dollar in 2015, subsidy claims are likely to rise further as oil marketers would add up the foreign exchange differentials to their subsidy claims.