The Federal Government, under President Muhammadu Buhari, received a total of N2.2 trillion from the Federation Accounts between June 2015 and May 2016, the Economic Confidential magazine has declared.
According to the report, the incumbent administration got N412.60 billion, the highest allocation, in July 2015 and the least vote of N113.80 billion in May 2016.
The report also showed that in June 2015, the Federal Government received N173.91 billion made up of N159.72 billion for Consolidated Revenue Fund, N3.27 billion for share of derivation and ecology, N1.63 billion for Stabilisation Fund, N5.49 billion for the development of natural resources and N3.78 billion for the Federal Capital Territory Administration (FCTA).
In August, September and October 2015, the administration received N216.99 billion, N180.86 billion and N162.93 billion, respectively. Between November and December 2015, the Federal Government also got N205.15 billion and N151.64 billion to end the year.
The report further showed that at the start of 2016 and precisely January, the Federal Government received N175.04 billion made up of N160.87 billion for Consolidated Revenue Fund; N3.10 billion for its share of derivation and ecology; N1.77 billion representing that of Stabilisation Fund, while development of natural resources and the FCTA stood at N5.46 billion and N3.82 billion respectively.
The Economic Confidential described February, March and April 2016, as the peak of “low returns on investment” as the Federal Government witnessed in a descending order of N150.32 billion, N139.36 billion, N120.92 billion to close the first quarter in a not too-cheering manner.
The magazine had recently published the allocations from the Federation Accounts to states and local governments in the country in the last one year apart from Internally-Generated Revenue (IGR) accruing to the 36 states of the federation and Abuja. It has also published what major revenue collecting agencies have 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 percent. The report revealed that the Internally Generated Revenue (IGR) of N268bn by Lagos State in 2015 is more than that of 32 other states put together which was a total of N257bn.
The Report indicated that apart from the allocations from the Federation Account as at the end of March this year, the total inflows into the Treasury Single Account (TSA) of the Federal Government under President Buhari stood at N3 trillion while the number of Ministries Departments and Agencies (MDAs) rose to 976.
Recently, the Finance Minister, Mrs Kemi Adeosun, disclosed that the TSA has significantly witnessed an increase to N3.3 trillion in May 2016, noting that the Finance Ministry had discovered revenue platforms which had escaped its net, especially shipping levies, airport landing charges and visa fees, amongst others.