The 36 states in Nigeria shared a total of N2.5 trillion for the 12 months January to December 2018. This is according to data from the National Bureau of Statistics (NBS).
The Federal Government got a total of N2.8 trillion as Net Statutory Allocation, N156.98bn as Valued Added Tax (VAT), N10.66bn as NNPC refund to FG and the distribution of N128.41bn from the FOREX equalization fund.
The 774 local governments in the country got a total of N1.5 trillion as FAAC allocations for last year.
States with the highest FAAC allocation.
Delta state got the highest cumulative FAAC allocation last year, among the 36 states. The state got a total of N213 billion. Closely following is Akwa Ibom state which received N202.3 billion in 2018. Rivers State takes third place with a total of N172 received as FAAC allocation in 2018.
States with the lowest FAAC allocation
On the flip side, Osun state had the smallest FAAC allocation last year. The state received a total of N22.84 billion. Next was Cross River which received a total of N36.95 billion in 2018. Ekiti State was next with a total of N39.3 billion as cumulative FAAC allocation last year.
FAAC is a joint committee consisting of representatives of the Federal, State and Local governments. The committee meets monthly during which revenues are shared.
FAAC funds comprise oil revenues and related taxes, revenues generated from the Nigerian Customs Service trade facilitation activities, company income tax(CIT), any sale of national assets, surplus and dividends from State Owned Enterprises(SOE).
Under the present formula, the Federal government gets 52.68% of all revenue, while states and local governments get 26.72% and 20.60% respectively. Revenues from Value Added tax (VAT) are shared differently, with the Federal Government getting 15%, States 50% and Local Governments 35%.