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ANALYSIS: This Is How Much Oyo Govt Received As Federal Allocation In January 2019

ANALYSIS: This Is How Much Oyo Govt Received As Federal Allocation In January 2019

February 20, 2019
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ANALYSIS: This Is How Much Oyo Govt Received As Federal Allocation In January 2019

by InsideOyo
February 20, 2019
in Political News
0
ANALYSIS: This Is How Much Oyo Govt Received As Federal Allocation In January 2019
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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.

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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.

January 2019 FAAC Disbursements report published @ https://t.co/qGu29A3q5a. Oyo pic.twitter.com/7sh9QjyEYm

— Dr Yemi Kale (@sgyemikale) February 17, 2019

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:

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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)

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Value Added Tax – N1.33

Exchange Gain Difference – N6.94 million

Total Allocation – N5.10 billion

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InsideOyo is an independent news medium for up-to-date events and happenings within and around Oyo state, Nigeria.

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