Persistent lowering prices of crude has continued to have negative impact on Nigeria’s federation account as federal government, states, local governments, Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), and Department of Petroleum Resources (DPR) shared total sum of N600,956,930,863.88bn (six hundred billion, nine hundred and fifty six million, nine hundred and thirty thousand, eight hundred and sixty three naira, eighty eight kobo), being the gross statutory revenue allocation and value added tax for the month of July.
This was against the N630.73 billion shared for the preceding month, according to exclusive documents available to Economic Confidential.
The documents state that of this amount, N136, 187, 117, 173.24 (one thirty six billion, one hundred and eighty seven million, one hundred and seventeen thousand, one hundred and seventy three naira, twenty four kobo) went to NCS, FRIS and DPR in the sum of N3, 438bn, N9, 418bn and N2, 389bn respectively.
With N6,330bn refunded by NNPC to Federal Government as part payment for an earlier illegal deduction, the central government got a total revenue of N206, 073, 584, 969.41 (two hundred and six billion, seventy three million, five hundred and eighty four thousand, nine hundred and sixty nine naira, forty one kobo) while the thirty six states, Federal Capital Territory (FCT) and local governments received total sum of N288, 882, 287, 21.22 (two hundred and eighty eight billion, eight hundred and eighty two million, two hundred and eighty seven thousand, twenty one naira, twenty two kobo).
Akwa Ibom State still got the highest allocation among states, receiving N16.889billion. Lagos State followed with N15.602billion while Delta was in third position with an allocation of N11. 715billion.
Kano State got N11.566billion, Rivers State N11.236billion while Bayelsa State was number six on the list receiving N7. 431billion.
Gombe got the least allocation among the states with N4. 244billion followed by Ekiti, which received N4, 368billion, Ebonyi State with N4, 765billion, Kwara State- N5. 079 billion and Zamfara State-N5. 084billion.
Meanwhile, the Accountant General of the Federation, Mr. Ahmed Idris had assured Nigerians of multiple benefits of Treasury Single Account (TSA) introduced recently as directed by President Muhammadu Buhari, saying that such wise public financial policy will boost revenue collections against leakages and ensure timely disbursement of funds to beneficiaries of the Federation Accounts among others.
He gave the assurances during separate courtesy visits to his office by managements of United Bank for Africa (UBA), Access and Zenith Banks in his office. He hinted that TSA is part of the reforms of the government to institutionalize a more effective and transparent management of public finances in the country.
Mr. Idris, who insisted on fiscal and financial discipline, described the TSA as a unified structure of government bank accounts enabling consolidation and optimal utilization of government cash resources.