Daud Olatunji
In a recent revelation, the Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed that a staggering N8.79 trillion was disbursed to the 36 states, the Federal Capital Territory, and the 774 local government councils in 2020 and 2021 as Federation Account allocations.
The Fiscal Allocation and Disbursements Audit (FASD) report, released last week, delineated the allocation composition, encompassing gross statutory allocations, value-added tax, and the 13 percent derivation for mineral-producing states.
Unveiling the geographical distribution of allocations, NEITI highlighted the South-South region leading the pack with N2.59 trillion, constituting 29.53 percent of the total revenue shared among the federating units.
This significant figure resulted from the exclusive allocation of the 13% derivation revenue to nine oil-producing states, with five hailing from the South-South geopolitical zone.
Breaking down the allocations for other zones, the North-West secured N1.56 trillion (17.85 percent), South-West received N1.28 trillion (14.57 percent), North-Central obtained N1.26 trillion (14.39 percent), and the North-East garnered 12.71 percent of the total allocation.
The South-East, on the other hand, witnessed the lowest allocation at N963 billion, accounting for 10.96 percent of the overall share.
Examining individual states, Delta State emerged at the forefront in the South-South zone, receiving N372.07 billion, closely trailed by Rivers with N298.68 billion and Akwa Ibom with N281.78 billion.
In stark contrast, Cross River received the least allocation at N66.83 billion during the review period.
Moving across regions, Kano State topped the North-West zone with N163.41 billion, followed by Kaduna with N130.02 billion and Katsina with N123.09 billion.
In the South-West, Lagos State led the pack with N243.58 billion, succeeded by Oyo with N117.93 billion and Ondo with N95.98 billion. Osun received the smallest allocation at N64.19 billion.
The Federal Capital Territory (FCT) in the North Central Zone clinched the highest allocation at N112.77 billion, while Borno State secured the highest allocation in the North East Zone, amounting to N122.49 billion.
Imo State emerged as the front-runner in the South-East zone, receiving N113.45 billion during the review period.
The NEITI report also shed light on the financial activities of the Nigerian National Petroleum Corporation (NNPC), revealing total oil and gas sales of N5.49 trillion.
However, the total receipts during the same period amounted to N6.05 trillion, with a variance of N0.56 trillion attributed to the cost of collection from prior period sales.
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