Delta Receives Highest Portion as 36 States Share N1.51trn FAAC in 6 Months

36 States Share N1.51trn FAAC in 6 Months

The 36 States of the federation shared N1.51 trillion between January and June 2023 as monthly allocations from the Federal Accounts Allocation Committee (FAAC).

Daily Report Nigeria reports that the above is contained in a report from the Nigeria Extractive Industries Transparency Initiative (NEITI).

The figure was 34.5 percent of the total N4.37 trillion shared by the three tiers of government as monthly subvention.

Ekiti, Ebonyi, and Nasarawa States received the lowest allocations of N16.95 billion, N16.84 billion, and N16.71 billion respectively, while Delta State received the largest allocation of N102.79 billion.

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Delta was followed by Akwa Ibom and Rivers States, which got N70.01 billion and N69.73 billion respectively.

The nine oil-producing states, namely Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers received additional allocations as their share of 13 percent derivation revenue to bring their total receipts to about N869.09 billion.

In terms of debt repayment, NEITI report showed that the deduction from Lagos State topped all 36 states’ allocations to service pending debts as a result of foreign loans and contractual obligations such as irrevocable standing payment orders (ISPO) and other liabilities standing against each state.

The report showed that a total deduction of N9 billion from the Lagos State allocation in the second quarter of 2023 was the highest, followed by Delta (N6.76 billion), Ogun (N6.10billion), Kaduna (N5.63billion) and Osun (N5.6billion).

Enugu, Kebbi, Nasarawa, Anambra and Jigawa states recorded the lowest deductions of N1.88billion, N1.51billion, N1.45 billion, N1.29 billion, and N1.16 billion respectively.

After all the deductions, the report showed that Delta State’s net allocation of N96.03 billion remained the highest, followed by Rivers (N66.81 billion), Akwa Ibom (N64.81 billion), Lagos (N51.61 billion) and Bayelsa (N51.53 billion).

However, the report identified Plateau, Ogun, and Osun as the states whose revenue receipts in the second quarter were negatively impacted the most by the debt deductions.

Plateau State, which was ranked 21st out of 36 states before debt forgiveness, fell to 31st, Ogun State rose from 28th to 35th, and Osun State rose from 32nd to 36th.

The report disclosed the situation affecting Ogun, Osun and Cross River states in terms of the proportion deducted by each state from their debt service allocation, while Rivers, Jigawa and Kebbi states showed strong sustainability.

Debt relief from most states’ allocations generated large net revenues, but at least two states (Ogun and Osun) had debt relief of over 30 percent, while Cross River State and Plateau State’s allocations each accounted for 29 per cent.

The report said Imo, Ekiti, Gombe, Kaduna, and Bauchi companies recorded withdrawals that accounted for almost a quarter of the total allocation.

States received about N817.79 billion out of the total distributable allocation of N2.32 trillion in the first quarter and N688.2 billion out of the N2.04 trillion in the second quarter.

According to the report, the allocation to the states in the first quarter decreased by 15.8 percent from N817.8 billion to N688.2 billion, due to a 12 percent decrease in the total allocation in the second quarter.

Even though the overall allocation amount decreased, the report found that the state allocation share exceeded the federal allocation when including the 13 percent induced revenue.


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