- The three tiers of government got increased alocation owing to good oil prices in the first quarter of 2018
- A breakdown of the figure shows that each state and local government got increased allocation
- It increment also affected the 13 percent derivation to oil-producing states
The increased revenue from oil has upped Nigeria’s statutory allocations to the three tiers of government by 36 percent to N1.9 trillion in the first quarter of 2018 (Q1’2018) from N1.4 trillion in the corresponding period of 2017 (Q1′ 2017).
Vanguard reports that its analysis showed that Nigeria’s daily income from oil rose 83 percent to $112.9 million at the end of Q1’2018 and this is from $61.8 million in Q1’2017.
The report, which noted that the gain is the result of higher crude oil prices and increased production, also showed “average crude oil price as at end of Q1’2018 stood at $67.18 per barrel, up by 24 percent from $54.17 per barrel in Q1’2017.
“Similarly daily crude oil production rose by 47 percent to 1.68 million per day in Q1’2018 from 1.14 million per day in Q1’2017.”
The report said a data breakdown by the National Bureau of Statistics (NBS) showed that the Federation Account Allocation Committee (FAAC) disbursed N655.18 billion (January), N635.55 billion (February) and N647.39billion (March) to the three tiers of government in the first quarter of 2018 while N430.16 billion (January), N514.15 (February), and N466.93 (March) was received by the three tiers of government in the corresponding period in 2017.
An analysis of the FAAC disbursement data showed the federal government received N812.82 billion from the N1.9 trillion shared by FAAC in Q1, 2018 up by 48 percent from N549.13 billion in Q1 2017.
The states received N522.18 billion in Q1 2018, up by 45 percent from N359.24 billion in Q1 2017 while local governments received N393.38 billion in Q1 2018, up by 46 percent from N269.39 billion in Q1 2017.
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For the oil producing states, the sum of N161.27 billion was shared from the 13 percent derivation fund in Q1’2018 and this, according to the report, represents a 149 percent increase from the N64.74 billion shared in Q1’2017.
Legit.ng earlier reported that the 36 states of Nigeria shared N173.8 billion from the federation account in September 2017 from the distributable revenue generated for the month.
The breakdown was obtained by the News Agency of Nigeria (NAN) in a report from the office of the Accountant-General of the Federation in Abuja.
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