Though revenue, totaling N5.76 trillion, flowed into the coffers of the federal and state governments in 2018 from the federation account, more than the preceding year, the drive to grow revenue from independent sources by states recorded a drop, while debt remains a huge burden at N22.428 trillion, reports Bamidele Famoofo
Going by figures provided by the National Bureau of Statistics , the government at the centre got N3.19trillion representing over 55 per cent of the total amount shared. That amount represented about 50 per cent of funding for the 2018 budget. On the other hand, government at the state level which also includes the Federal Capital Territory shared N2.57 trillion or 44.6 per cent of the lump sum.
Meanwhile, an appreciable decline was recorded in the NNPC refund to go the federal government in the review fiscal year with revenue dropping by 67.4 per cent from N32.74billion in 2017 to N10.66billion in 2018.The month of May in 2018 recorded the biggest revenue growth when compared to the value distributed in the comparable period in 2017. Revenue shared by FAAC to both the federal and state governments increased by 82 per cent from N148.30billion in 2017 to about N270billion in 2018.
Summary of 2017 distribution showed that the Federation Account Allocation Committee disbursed the sum of N2.38trillion to the Federal Government of Nigeria in 2017 while states received a total of N1.79trillion within the period under review. The amount disbursed comprised of N547.46billion from the statutory account, N100.76billion from VAT and N976.53million exchange gain differences.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that the sum of N216.57billion was disbursed to the FGN consolidated revenue account; N4.81billion shared as share of derivation and ecology; N2.43billion as stabilisation fund; N8.15billion for the development of natural resources; and N5.82billion to the Federal Capital Territory Abuja.
This is as a result of many debts both locally and internationally that are being paid.
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