A total of N625,460,092,581 was shared among beneficiaries of the federation accounts last month for the for the month of February 2015. This is made of statutory, value added tax, refund from Nigerian National Petroleum Corporation (NNPC) and exchange rate gain.
This is as a result of instability of the exchange rate between the dollar and naira in recent month. The naira which has hovered around the N185 band at the interbank and N190 at the parallel markets since the beginning of the year, it later took a dive, hitting an all-time low of N207 to the dollar after the CBN took steps that were supposed to ease pressure on it.
Accruals into the account witnessed a slight improvement from the N545, 887,841,574 of January. The federal Capital Territory received a little over N4billion while Federal Inland Revenue (FIRS) and Nigerian Custom Service (NCS) got N2.3billion and N2.8billion respectively. Akwa Ibom state remained at the top of the list collecting almost the same amount it got last month. The South-south state which has been receiving the highest allocation for a long time now was given a total of N17,699,995 from the statutory revenue allocation including Value Added Tax.
The month under review saw Delta state coming a distant second, receiving N13,616,627 while Rivers State trailed Lagos state in third position of the federation account distribution list. N12, 497,969 was allocated to River state.
Lagos state dropped to fourth position after it received N11, 569,280 and closely followed by the Bayelsa State with N10, 463,699. Kano state also maintained its double billion figures by receiving N10,110,128.
Ebonyi state is rooted to the bottom of the list receiving a total of N3,444,135,125 in the month of February for both the state government and its local government councils. Gombe state was on number 35 with an allocation of N3,628,670,840. Ekiti state remains third from the bottom as it collected a total of N3,804,690,935.