In the first five months of 2022, states, federal, and local governments shared over N2.4 trillion from the federation account
The funds were raised through taxation paid by Nigerians and businesses, as the NNPC refused to pay a single penny
Ten of the 36 states that received allocations had the highest allocations in the first four months of 2022
The National Bureau of Statistics has revealed that the federal government, states, and local governments shared the sum of N3.3 trillion from January to April.
The amount disbursed comprised the Statutory Account, Non-oil Excess Account, Exchange Gain difference, and Valued Added Tax (VAT).
NBS disclosed this in its April Federation Account Allocation Committee ( report published on its website)
How the money was shared
A breakdown from NBS shows that in January the three tiers of government shared N766.47 billion and N692.85 billion in February.
While N722.38 billion and N1.15 trillion was shared in March and April respectively.
The report also noted that the sum disbursed by the FAAC in a month is from the previous month revenue.
Giving a breakdown of how March revenue was shared in April the report reads:
“The amount disbursed comprised N933.30bn from the Statutory Account, and N219.50bn from Valued Added Tax (VAT).
“The Federal Government received a total of N277.10bn from the N1.15trillion, States and Local Governments received a total of N227.20bn and N167.91bn respectively.
The sum of N81.93bn was shared among the oil-producing states from the 13% derivation fund”
Read Also : Top 10 Highest Paid Footballers In The World
Revenue distribution details
Further breakdown on revenue distribution showed in April the Federal Government of a total net amount of N149.70bn was disbursed to the FGN consolidated revenue account; N4.68bn was received as a share of derivation and ecology; N2.34bn as stabilization fund; N7.86bn for the development of natural resources; and N6.65bn to the Federal Capital Territory (FCT) Abuja.
States with the highest and lowest from FAAC in April 2022
1. Delta N28bn
2. Rivers N24bn
3. Akwa Ibom N20bn
4. Bayelsa N20bn
5. Lagos N15bn
31. Kwara N3.7bn
33. Ogun N3.6bn
34. Ekiti N3.5bn
35. Osun N3.35bn
36. Cross River N3.11bn
Top 10 States with the highest in Jan-April months of 2022
- Delta N91.55bn
- Rivers N73.89bn
- Akwa Ibom N69.80bn
- Lagos N68.51bn
- Bayelsa N62.99bn
- Kano N33.86bn
- Oyo N28.18bn
- Edo N27.87bn
- Kaduna N26.15bn
- Imo N25.82bn
Lagos, Ogun top List of highest indebted states in Nigeria, taking total domestic debts to N4.46 Trillion
Meanwhile, Legit.ng reported that Lagos State is leading the pack of 10 most indebted states in Nigeria followed by Ogun State with the highest domestic debts.
Domestic borrowings by the 36 states in Nigeria including the Federal Capital Territory rose by N272.23 billion in 2021 to stand at N4.46 trillion.
The data also shows that Lagos, Ogun, Imo states had the highest year-to-year increase in terms of the domestic debt profile.