Buhari Government got N2.2trillion from Federation Account in one year - Report

The Federal Government under President Muhammadu Buhari got N2,203,573,573,563.25 (Two trillion, two hundred and three billion, five hundred and seventy-three million, five hundred and seventy-three thousand, five hundred and sixty-three naira and twenty-five kobo) from the Federation Account as allocation between June 2015 and May 2016, Economic Confidential is reporting.

The economic magazine said in a report on Sunday that its computation showed that the administration got the highest allocation in July 2015 (N412.60 billion) and the lowest in the period under review in May 2016 (N113.80 billion).

The report said in June 2015, the Federal Government received N173.91 billion, made up of N159.72 billion for consolidated Revenue fund, N3.27bn for derivation and ecology, N1.63bn for Stabilization fund, N5.49bn for development of natural resources, and N3.78bn for the Federal Capital Territory Administration.

In August, September and October 2015, it received N216.99bn, N180.86bn and N162.93bn respectively. Between November and December 2015 the federal Government also got N205.15bn and N151.64bn to end the year.

In January 2016, it received N175.04bn made up of N160.87bn for consolidated revenue fund, N3.10bn for derivation and ecology, N1.77bn for stabilization fund, while development of natural resources and FCT stood at N5.46bn and N3.82bn respectively.

February, March and April this year were the peak of “low returns on investment” with the administration receiving N150.32bn, N139.36bn, N120.92bn to close the first quarter in a not too cheering manner.

The Economic Confidential magazine recently published allocations from the federation account to states and local governments in the country in the last one year.

It also published Internally Generated Revenue(IGR) accruing to the 36 states of the federation and Abuja as well as receipts by 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.

The N268billion internally generated revenue collected by Lagos in 2015 is more than that of 32 other states put together, who generated a total of N257bn, the report said.

The magazine had also reported that at the end of March this year, total inflows into the Treasury Single Account(TSA) of the Federal Government stood at N3 trillion while the number of Ministries, Departments and Agencies (MDAs) rose to 976.

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

[Premium Times]