Oyo state government received the sum of N4.79 billion as total net allocation from the federation account in January 2019 for the revenue generated in December 2018, according to a document seen by insideoyo.com.
The document released by the National Bureau of Statistics, NBS, showed that the Federation Account Allocation Committee (FAAC) disbursed the sum of N649.19bn to the three tiers of government in January 2019 from the revenue generated in December 2018.
The amount disbursed comprised of N547.46bn from the Statutory Account, N100.76bn from Valued Added Tax (VAT) and N976.53mln exchange gain differences N70bn. Federal government received a total of N270.17bn from the N812.76bn.
36 States and 774 LGS
States received a total of N178.04bn and Local governments received N133.83bn.
The sum of N45.36bn was shared among the oil producing states as 13% derivation fund while revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.69bn, N4.04bn and N8.04bn respectively as cost of revenue collections.
InsideOyo.com’s analysis of the allocation for January 2019 for Oyo state shows:
Gross Allocation – N3.82 billion
External Debt – N129.9 million
Contractual Obligation(ISPO) (deductions) – N99,91 million
Other Deductions – N456.46 million
Distribution of Exchange Gain – N6.9 million
Total Net Allocation – N4.78 billion
InsideOyo.com analysed the the allocation distributed to the Local Governments in Oyo state for January:
Gross Statutory Allocation – N3.85 million
Deduction – N (83.6million)
Value Added Tax – N1.33
Exchange Gain Difference – N6.94 million
Total Allocation – N5.10 billion