FG, states, LGs share N2.15 trillion�foreign debts service gulps N192.63bn in 10 months
Oluyinka Akintunde, Abuja
The federal, state and local governments shared revenue totalling N2.156 trillion between January and October 2004, the Office of the Accountant-General of the Federation, confirmed this on Sunday.
The OAGF also disclosed that the federal and state governments have spent the sum of N192.63 billion to service their foreign debts in the first 10 months of the year.
The country�s total foreign debt stood at $32.916 billion as at December 31, 2003, out of which the Federal Government accounted for $25.258 billion, while the states owed $7.658 billion.
Details of the revenue allocation to the three tiers of government in 2004 was posted on the website of the OAGF and collated by our correspondent.
The report revealed that the N2.156 trillion revenue distributed to the three tiers was made up of statutory allocation of N1.992 trillion, Value Added Tax of N132.07 billion, 2003 excess crude oil revenue of N12.84 billion and the $2 per barrel differential of N20.02 billion.
A breakdown of the revenue allocation figures in the 10 months showed that the highest revenue allocation of N254.45 billion was recorded in August; closely followed by June and July revenue allocation figures of N232.02 billion and N229.66 billion, respectively.
The three tiers of government also shared the sums of N208.63 billion, N207.61 billion, N205.74 billion, N199.37 billion, N196.38 billion, N199.42 billion and N223.32 billion in January, February, March, April, May, September and October, respectively.
According to the OAGF, the sums of N12.84 billion, N10.59 billion, N13.49 billion, N14.18 billion and N12.98 billion were shared as VAT allocations in January, February, March, April and May, while N12.62 billion, N12.79 billion, N14.97 billion, N14.01 billion and N13.56 billion were also distributed between June and October, respectively.
Out of the N2.156 trillion shared amongst the three tiers of government, the Federal Government got N972.36 billion (about 45 per cent of the total revenue), state governments and local governments received N548.68 billion (about 25.4 per cent) and N418.37 billion (about 19.4 per cent).
The 13-per cent derivation approved for oil-producing states accounted for N200.05 billion out of the total revenue shared during the months under review.
The breakdown of the revenue allocations to the Federal Government during the 10 months, according to the OAGF, indicated that it received N96.90 billion, N96.7 billion, N91.94 billion, N89.11 billion, and N87.60 billion between January and May.
Between June and October, the federal government received N103.30 billion, N102.88 billion, N114.28 billion, N89.06 billion and N100.58 billion.
The 36 state governments, however, received N54.60 billion, N53.54 billion, N52.35 billion, N51.21 billion and N49.94 billion between January and May and N57.24 billion, N57.61 billion, N64.31 billion, N51.11 billion and N56.76 billion between June and October.
Between January and May 2004, the 774 local governments were allocated N41.64 billion, N40.90 billion, N39.88 billion, N38.98 billion and N38.04 billion, while they got N43.73 billion, N43.96 billion, N49.05 billion, N38.91 billion and N43.28 billion between June and October.
On foreign debt service payment, the Federal Government and State governments paid N192 billion to service their debts between January and October, which exceeded the 2004 budget for foreign debt service of N183.60 billion.
The details of the debt service payment showed that the Federal Government coughed out the sum of N161.41 billion to service its external debt, while the 36 states paid N31.22 billion during the 10 months.
The breakdown of the payment indicated that the federal government in each of the 10 months paid N16.141 billion, while the states paid N3.282 billion between January and February and N3.082 billion between March and October.
Meanwhile, the Federation Account Allocation Committee would on Friday, November 19, meet in Abuja, to allocate revenue amongst the three tiers of government.
The FAAC, which is headed by the Minister of State for Finance, Mrs. Nenadi Usman, also have the Accountant-General of the Federation, Mr. Kayode Naiyeju; states� finance commissioners and accountants-general; representatives of the Nigerian National Petroleum Corporation, Federal Inland Revenue Service and Nigeria Customs Service, as members.
