BREAKING: SEE HOW THE ₦7.23TRILLION IN FEDERATION ACCOUNT WAS SHARED IN 2020

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Zainab Ahmed - Nigerian Minister of Finance
Zainab Ahmed - Nigerian Minister of Finance
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BY PRINCELY ONYENWE, IMO

As year 2021 goes halfway, NIGERIANS are expectedly be told of on how good the economy of the country has improved and at same time the actual position of the federation account.

9News Nigeria has uncovered how NIGERIA Federation Account was shared to Nigerian federal, states, local governments in the year 2020.

However, a new report by the Economic Confidential has revealed how the Federal Government, 36 states and the 774 local government councils in Nigeria shared a total sum of N7.23trillion from the Federation Account in 2020.

While the Federal Government and its agencies received a total sum of N3.04 trillion, other tiers of government shared N4.18 trillion.

The shared N4.18tr to States and their Local Government Councils in 2020 is N232billion lesser than the N4.4 trillion they received in the previous year of 2019.

In its annual detailed investigative report with a table of figures, Economic Confidential disclosed that among the state recipients, Lagos is ranked first as the highest recipient of gross allocation with a total sum of N299bn in the twelve months of 2020. It is followed by Delta State N247bn, Akwa Ibom N212bn, Rivers State N198bn and Kano State N174bn.

The five states cornered over a quarter (25%) of the total allocation for the States and local government councils in Nigeria.

The report further disclosed that Edo and Ondo which are oil-producing states got N99bn and N97bn respectively while another state in the South-South, Cross River State merely received N86bn in one year.

The Economic Confidential, Nigeria’s intelligence economic magazine, gathered that factors that influence allocations to states and local government councils from the Federation Account include: Population, Derivation, Landmass, Terrain, Revenue Effort, School Enrolments, Health Facilities, Water Supply and Equality of the beneficiaries.

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The Economic Confidential which is circulated at the monthly meeting Federation Account Allocation Committee (FAAC) has been publishing the monthly Federation Account Allocation figures since January 2007.

It also publishes the Annual States Viability Index (ASVI) which measures the survival of States on Internally Generated Revenue (IGR) without relying on Federally Collected Revenues, especially from the Federation Account.

Our source reports that the Annual State Viability Index for 2020 will be released next week.

The source maintained that the magazine is a sister publication of PRNigeria, a news release syndication platform.

For more clarifications, among the 10 highest recipients from the Federation Account are Bayelsa State which got N152bn; followed by Katsina State N130bn, Oyo State N127bn, Kaduna State N124bn and Borno State N115bn.

The lowest recipients are Gombe, Ebonyi and Nasarawa States that got N72bn, 73bn and 73bn respectively. They are followed by Ekiti that got 74bn and Kwara 77bn.

9News Nigeria (Owerri)
For inquiries on this news contact 9News Nigeria Imo State @08036856526

About Princely Onyenwe 978 Articles
Princely Onyenwe A seasoned Investigative Journalist, Civil Rights Activist, and Political Analyst, Currently Editor and News reporter with 9News Nigeria www.9newsng.com www.facebook.com/9newsng

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