N28.58 TRILLION REMITTED TO THE IN FIVE YEARS – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that N28.58trillion was remitted to the Federation Account between 2012 and 2016. The remittances came from three major sources: mineral revenues, non-mineral revenues and value added tax (VAT). 
The information is contained in the agency’s latest Fiscal Allocation and Statutory Disbursement (FASD) Audit report for the period 2012-2016. Apart from remittances to the Federation Account, the audit tracked statutory allocations and their applications with specific focus on nine states, four interventionist agencies, and five special funds. The essence is to examine funds receipt and their utilization. 
The nine states covered by the statutory allocation and disbursement segment of the report are: Rivers, Bayelsa, Akwa Ibom, Nasarawa, Delta, Ondo, Imo, Kano and Gombe states. The Federal agencies are:  Niger Delta Development Commission (NDDC), Petroleum Technology Development Fund (PTDF), Tertiary Education Trust Fund (TETFUND); and Petroleum Products Pricing Regulatory Agency (PPPRA). The special funds are: Natural Resources Development Fund (NRDF), Petroleum Equalisation Fund (PEF), Excess Crude Account (ECA), Ecological Fund (EF), and Stabilization Fund (SF). 
A breakdown of the N28.58trillion remitted to the Federation Account shows that mineral source contributed highest sum of N18.15 trillion (after deductions for joint venture cash calls and subsidy claims), representing 64% of the total earnings, followed by non-mineral source N6.68 trillion, representing 23%, while value-added tax (VAT) was put at N3.73 trillion, representing 13%. 
A year – by – year breakdown of the total remittances showed that N4.19trillion was remitted in 2012, while N4.73trillion was recorded in 2013. Furthermore, N4.69trillion was recorded in 2014 while N2.89trillion and N1.65trillion were remitted in 2015 and 2016 respectively. 
Analysis of the N18.16trillion mineral revenues shared among the three tiers of government showed that Federal Government received N8.32 trillion from 2012 – 2016, the 36 State Governments shared N4.22 trillion while the 774 LGs got N3.25 trillion. This is exclusive of N2.36trillion 13% derivation to the oil, gas and mining producing states.  
The report also disclosed that from the share of non-mineral revenues of N6.68 trillion, the federal government received N3.52 trillion, while the 36 states got N1.79 trillion and 774 local governments took N1.38trillion. The total VAT revenue of N3.73trillion was shared as follows: FGN – N560billion, 36 States – N1.88trillion and 774 LGAs – N1.31trillion. 
NEITI report disclosed that out of the N18.15trillion recorded from mineral revenue within the period, highest receipt of N4.73trillion representing about 26.07% was recorded in 2013. It however noted that the plunge in global oil revenue from 2015 negatively affected mineral revenue remittances within the period. 

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