Nigeria’s 36 states shared N143.6 billion in September

The 36 states got N143.6 billion from the federation account in September as their share of distributable revenue generated for the month.

The breakdown shows in a report obtained by the News Agency of Nigeria from a source at the office of the Accountant-General of the Federation in Abuja on Sunday.

The funds are usually shared the following month; for example, revenue generated in January is shared in February; thus, the revenue shared was actually generated in August and shared in September 2016.

The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation, NNPC, the Federal Inland Revenue Service and the Nigerian Custom Service.

At the Federation Account Allocation Committee, FAAC, meeting in September, federal, states and local governments shared N516 billion as against the N530 billion that was shared in August.

The report showed that the amount distributed included the Gross Statutory revenue, Value Added Tax, exchange gain, N35 billion excess Petroleum Profit Tax and 13 percent derivation to oil producing states.

The oil producing states are Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers.
The report showed that before distribution, state liabilities were deducted.

The liabilities include an external debt of N2.9 billion, contractual obligations of N10.48 billion and other deductions amounting to N16.9 billion.

Read More on Premium Times

Source: NAN