The Federation Account Allocation Committee (FAAC) has shared the sum of N485, 497,884,320 among the three tiers of government for August 2015 as against the over N600billoon shared the previous month. The figures also includes N4.9billion accruing from exchange gain difference for the September 2015.
Addressing journalists at the end of the August FAAC meeting the permanent secretary, Ministry of Finance, Mrs Anastasia Daniel-Nwaobia said that statutory allocation amounting to N347.959 billion was shared among the three tiers with the federal government receiving N168.623 billion or 52.68 per cent of the what was shared under statutory allocation; states governments got N85.528 billion or 26.72 per cent; Local governments received N65.938 billion or 20.6 per cent while the balance of N27.870 billion was shared as 13 per cent derivation to oil and gas producing states.
The oil producing state of Akwa Ibom remains at the top of states allocation table with N14, 699,155,796.72. Lagos state followed with 12,496,601,020.57 as Delta and Rivers states received N10, 723,259,700.14 and N9, 684,391,739.15 respectively. Kano state with its 44 local governments also ranks among the top earners with 9,296,804,185.24. Bayelsa state again comes number six on the list as it received N6.765, 525,070.53
Gombe and Ekiti states remain the lowest earners as they got 3,354,903,090.11 and 3,510,267,795.67 respectively. Cross Rivers state received N3.733, 820,440.41 while its South Eastern counterpart, Ebonyi state got 3.890,972,763, a little above Osun state with N3, 879,751,962.69
A total of N59.689 billion was shared by the three governments from Value Added Tax proceeds. From the amount, the federal government got N8.953 billion; state governments received N29.845 billion while local governments pocketed N20.891 billion.
Revenue generation agencies like were also allocated their costs of collection with FIRS netting N3, 712,525,007, Nigerian Custom Service received N3, 373,773,116bn while the Department of Petroleum Resources also received N1, 594,738,481.98.
Meanwhile, President Muhammadu Buhari has announced a plan to audit all revenue generating agencies like the Nigerian National Petroleum Corporation,(NNPC), Federal Inland Revenue Service (FIRS), National Communication Commission and a couple of others.