FAAC: Lagos Other South West States shared  N81.4bn in May 2024

Lagos and six other South Western States shared a whopping sum of N81.4billiion from the Federal Allocation for the month of May 2024.

This is according to latest report by National Bureau of Statistics (NBS).

NBS in its, “Federation Account Allocation Committee (FAAC)” May 2024 disbursement highlighted that the Federation Account Allocation Committee (FAAC) disbursed the sum of N2.19 trillion to the three tiers of government in May 2024 from the total revenue generated in April 2024.

The report revealed that Lagos State was allocated a total net amount of N28.72 billion in May, ahead of Oyo State that was allocated N11.70 billion.

As gathered by WESTERN POST, Akwa Ibom, Delta, and Rivers States were allocated the highest total net amount in the month under review.

Specifically, Akwa Ibom State was allocated a total net amount of N33.3billion, while Delta and Rivers were allocated N47.92 billion and N36.08billion, total net amount respectively for May 2024 allocation.

According to NBS, the amount disbursed comprised of N1.23 trillion recorded from the Statutory Account, N438.88 billion from Exchange Gain, N18.77 billion from Electronic Money Transfer Levy (EMTL), and N500.92 billion from Value Added Tax.

The report stated that the  allocations to the three tiers of government for May 2024 were: Federal Government with a total of N390.41 billion, States with a total of N493.40 billion, and Local Governments with a total of N293.82 billion.

“The sum of N120.45 billion was shared among the oil-producing states from the 13per cent derivation fund.

“The revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N22.53 billion, N32.83 billion, and N25.15 billion respectively, as cost of revenue collections.”

The report added that “Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that: N255.24 billion was disbursed to the FGN consolidated revenue account, N6.03 billion was received as a share of derivation and ecology, N3.02 billion as stabilization fund, N10.13 billion for the development of natural resources, and N10.63 billion to the Federal Capital Territory (FCT)- Abuja.”