11 states lose large part of FAAC allocation to deductions

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Data made available by the National Bureau of Statistics (NBS) showed that 11 states lost a huge part of their August 2017 allocation to deductions.

According to the latest federal account allocation committee (FAAC) report released by the bureau, a total of N467.85 billion was distributed among the three tiers of government in August.

“The amount disbursed comprised of N387.32bn from the statutory account and N80.53bn from valued added tax (VAT),” the report read.

“Federal government received a total of N193.05bn from the N467.85bn shared. States received a total of N130.69bn and local governments received N98.01bn.

“The sum of N31.59bn was shared among the oil producing states as 13% derivation fund.”

Eleven states lost more than N1 billion from their allocations, with Lagos being the worst hit.

Lagos got a gross allocation of N9.52 billion and lost N2.80 billion to deductions. Osun got a gross allocation of N3,06 billion and lost N2.41 billion to deductions, to have a net allocation of N650 million.

Delta also got a gross allocation of N10.50 billion and lost N2.45 billion to deductions, to have a net allocation of N8.05 billion.

States which lost more than N1 billion to deductions were Zamfara, Rivers, Plateau, Ondo, Ogun, Cross Rivers, Ekiti and Jigawa.

Culled from here

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