36 States Share N1.51 Trillion in Federal Revenue for First Half of 2023, NEITI Report Reveals.

36 States Share N1.51 Trillion in Federal Revenue for First Half of 2023, NEITI Report Reveals.

36 states in the federation received about N1.51trillion, or 34.5 percent of the total N4.37 trillion shared by the three tiers of the government between January and June, 2023, the second quarter 2023 Federation Account Statutory Revenue Allocations Report has shown.

The report by the Nigerian Extractive Industries Transparency Initiative (NEITI) showed the states received about N817.79 billion from the N2.32 trillion total distributable allocation in the first quarter and N688.2billion of the N2.04trillion allocation in the second quarter.

Apart from the share of the statutory allocations, the report said the nine oil-producing states, namely Abia, Akwa Ibom, Anambra, Bayelsa, Delta, Edo, Imo, Ondo and Rivers received additional allocations as their share of the 13 percent derivation revenue to bring their total receipts to about N869.09 billion.

On a state-by-state basis, the report showed that Delta State received the largest allocation of N102.79 billion among the 36 states in the second quarter, followed by Akwa Ibom and Rivers states, which received N70.01 billion and N69.73 billion respectively. Ekiti, Ebonyi and Nassarawa States received the lowest allocations of N16.95 billion, N16.84 billion and N16.71 billion respectively.

In terms of debt repayment, the report showed that the deduction from Lagos state topped the 36 states’ allocations to service pending debts as a result of foreign loans and contractual obligations such as irrevocable standing payment orders (ISPO) and other liabilities standing against each state.

The report showed that a total deduction of N9 billion from the Lagos State allocation in the second quarter of 2023 was the highest, followed by Delta (N6.76 billion), Ogun (N6.10billion), Kaduna (N5.63billion) and Osun (N5.6billion).

Enugu, Kebbi, Nasarawa, Anambra and Jigawa states recorded the lowest deductions of N1.88billion, N1.51billion, N1.45 billion, N1.29 billion and N1.16 billion respectively.