TUE, NOVEMBER 27 2018-theG&BJournal-The half year 2018 states and FCT IGR figure hits N579.49bn compared to N453.83bn recorded in half year 2017. This indicates a growth of 27.7% year on year, according to the latest figures published by the National Bureau of Statistics (NBS).
According to the report, twenty-eight (28) States recorded growth in IGR while eight (8) states which includes (Abia, Anambra, Benue, Taraba, Kebbi, Kwara, Ebonyi and Enugu) recorded a decline at the end of 2018 Half Year.
The net FAAC allocation in half year 2018 is put at N1.23 trillion while the total revenue available to the states is put at N1.74 trillion.
The value of foreign debt stands at $4.22bn while domestic debt hits N3.38 trillion at the end of 2018 half year respectively.
Meanwhile, the Federation Account Allocation Committee (FAAC) disbursed the sum of N741.84bn to the three tiers of government in September 2018 from the revenue generated in August 2018.
The amount disbursed comprised of N627.14bn from the Statutory Account, N114.54bn from Valued Added Tax (VAT) and N162.08bn exchange gain difference.
Federal government received a total of N291.46bn from the N741.84bn. States received a total of N194.45bn and Local governments received N146.01bn. The sum of N53.05bn was shared among the oil producing states as 13% derivation fund while N40.00bn was transferred to Excess crude Account(ECA).
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.24bn, N8.29bn and N3.34bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N236.19bn was disbursed to the FGN consolidated revenue account; N5.22bn shared as share of derivation and ecology; N2.61bn as stabilization fund; N8.77bn for the development of natural resources; and N6.28bn to the Federal Capital Territory (FCT) Abuja.-Updates later
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