Federation Account: How They Share $1bn and N993.6bn in March 2012

Economic Magazine
Economic Confidential April Cover
March 2012 was another month of Jumbo allocations when the tiers of government in Nigeria, Federal States, and LG Councils shared a total sum of $1 billion and N996 billion from four different oil revenue accounts. The allocations were Foreign Excess Crude Account $1 Billion, Statutory and VAT revenues N834 billion Budget Differential N152 billion, and NNPC Refund N7.6 billion.

In the dollar allocation Akwa-Ibom State top the list of recipients by receiving $47 million, followed by Rivers $45 million, Delta $39 million and Bayelsa $$32 million. Others were Kano which received $20 million, Lagos $15 million, Cross River $10.8 million, Ebonyi $8 million, Gombe $8 million.

On the disbursement of Statutory and VAT allocation of a total sum of N834 billion, Rivers top the list with a net sum of N17 billion, followed by Akwa Ibom N16.9 billion, Delta N13 billion, Lagos N13 billion, Kano N10 billion and Bayelsa N9.5 billion. Other recipients included, Cross River N5 billion, Ekiti N3.8 billion, Gombe N3.7 billion and Ebonyi N3.5 billion. Details of the four different allocations are available on the Facts and Figures Page of the Economic Confidential: //economicconfidential.com/new/financial/facts-a-figures

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