FG Got N2.2tr from Federation Account in One Year

FG Got N2.2tr from Federation Account in One Year

FG Got N2.2tr from Federation Account in One Year

Facts have emerged that the federal government under President Muhammadu Buhari got a total N2,203,573,573,563.25 from the Federation Account as allocation between June 2015 and May 2016.

In a recent search by the Economic Confidential, the economic intelligent magazine and carefully computed, the administration under Buhari’s watch got the highest allocation in July 2015 with N412.60 billion and the lowest allocation within the period under review of N113.80 billion in May 2016.

The report further reveals that in June 2015, the federal government received N173.91 billion made up of N159.72 billion for consolidated Revenue fund, N3.27billion for share of derivation and ecology, N1.63 billion for stabilisation fund, N5.49 billion for development of natural resources, and N3.78 billion for the Federal Capital Territory Administration (FCTA).

In August, September and October 2015, it received N216.99 billion, N180.86 billion and N162.93 billion respectively.

Between November and December 2015, the federal government also got N205.15 billion and N151.64 billion to end the year.

At the start of 2016 and precisely January, it received N175.04 billion made up of N160.87 billion for consolidated revenue fund, N3.10 billion for share of derivation and ecology, N1.77 billion representing that of stabilisation fund, while development of natural resources and FCT stood at N5.46 billion and N3.82 billion respectively.

As for the month of February, March and April this year, it was the peak of “low returns on investment” as the federal government witnessed in a descending order of N150.32 billion, N139.36 billion, N120.92 billion to close the first quarter in a not too- cheering manner.

Recall that the economic intelligent magazine had recently investigated and published the allocations from the federation account to states and local governments in the country in the last one year, apart from Internally Generated Revenue(IGR) accruing to the 36 states of the federation and Abuja.

It has also published what major revenue collecting agencies have also received within the period.

The report on IGR indicated that only Lagos State generated more revenue than the allocation from the Federation Account which was about 150 per cent.

It also revealed that the IGR of N268 billion by Lagos State in 2015 is more than that of 32 other states put together that generated a total of N257 billion.

Meanwhile, it gathered that apart from the allocations from the Federation Account, as at the end of March this year, total inflows into the Treasury Single Account (TSA) of the federal government under President Buhari stood at N3 trillion while the number of ministries, departments and agencies (MDAs) rose to 976.

However, Minister of Finance, Kemi Adeosun, recently disclosed that the TSA has significantly witnessed an increase to N3.3 trillion in May 2016, noting that the Finance Ministry had continuously discovered revenue platforms that had escaped its net especially, shipping levies, airport landing charges, visa fees amongst others.

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