FAAC: Osun State Government Gets Just N6 Million


Osun State is in deep financial problems, the Governor Aregbesola led state is left with just N6 million naira.

A report detailing the Distribution of Revenue Allocation to State Governments by Federation Account Allocation Committee for the month of January, 2016 Shared in February, 2016, showed that Osun State is left with N6,229,795.23 million.

The breakdown of how this happened, shows that the state received a Total Gross Allocation of N2.422billion, while Total deductions (External debts, ISPOs & Others) amounted to N2.416billion, which left the state with a Net Amount of N6.23 million.

Osun state will have to rely on its Internally Generated Revenue (IGR), which is now about N1.5 billion according to the State Website.

This will still not be enough for the state considering the fact that salaries of workers will have to be paid amongst other projects that will be embarked upon. Developmental projects which will alleviate poverty in the State will also be limited.

Ogbeni Rauf Aregbesola has several times lamented the impact of the dwindling oil prices on the fortunes of the state and has said he is looking for ways to diversify the economy of the state.

Here is the FAAC Allocation for each state in Nigeria:
February 2016 – FAAC ALLOCATION
Abia – N2.27bn
Adamawa – N2.23bn
Akwa Ibom – N8.55bn
Anambra – N2.51bn
Bauchi – N2.55bn
Bayelsa – N2.98bn
Benue – N2.10bn
Borno – N2.87bn
Cross River – N1.06bn
Delta – N6.06bn
Ebonyi – N2.16bn
Edo – N2.09bn
Ekiti – N1.37bn
Enugu – N2.37bn
Gombe – N1.59bn
Imo – N2.29bn
Jigawa – NN2.77bn
Kaduna – N2.85bn
Kano – N3.86bn
Katsina – N2.99bn
Kebbi – N2.45bn
Kogi – N2.50bn
Kwara – N1.81bn
Lagos – N6.61bn
Nassarawa – N2.16bn
Niger – N2.34bn
Ogun – N1.18bn
Ondo – N2.34bn
Osun – N6m
Oyo – N2.56bn
Plateau – N1.53bn
Rivers – N6.42bn
Sokoto – N2.67bn
Taraba – N2.1bn
Yobe – N2.36bn
Zamfara – N1.62bn

What others say about : FAAC: Osun State Government Gets Just N6 Million..


Temitope

The Governor needs to beg and pray Fowler’s FRSC does a good job at increasing the flow to the federation’s purse, if he cannot work on his states IGR.

I also noticed there are deductions from the state LGs purse, could it be that the LGs were forced to be part of the external loans i.e. Osun ?

In trying to understand how these funds are shared, i came across this project, quite informative. 🙂

http://rcmss.com/2013/1ijpamr/Revenue%20Allocation%20Formulae%20in%20Nigeria_%20A%20Continuous%20Search.pdf

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