Nigeria is heavily dependent on the revenues from oil, despite being blessed with several other resources that can also generate more funds to take care of its ever-growing population.
Every month, the Federation Account Allocation Committee (FAAC) shares revenues from the nation’s Statutory Account, FOREX Equalisation Account and Value Added Tax and other sources with the three tiers of the government, that is, the federal, state and local governments.
Citing data from the National Bureau of Statistics (NBS), Business Day reported that in 2020, FAAC disbursed a total of N2.49 trillion to the federal government while states received a total of N2.30 trillion within the same period.
Below is a list of the top five states that received the highest amounts from the monthly federal allocations, according to the report.
1. Delta – N186.828 billion 2. Akwa Ibom – N146.265 billion 3. Rivers – N141.187 billion 4. Bayelsa – N116.401 billion 5. Lagos – N115.932 billion.
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