By Elizabeth Adegbesan
Buoyed by increases in oil revenue, statutory allocations to the three tiers of government rose by 36 percent to N1.9 trillion in the first quarter of 2018 (Q1’2018) from N1.4 trillion in the corresponding period of 2017 (Q1′ 2017).
Vanguard analysis showed that Nigeria’s daily income from oil shot up by 83 per cent to $112.9 million at the end of Q1’2018, from $61.8 million in Q1’2017, courtesy of higher crude oil prices and increased crude oil production.
Further analysis showed that average crude oil price as at end of Q1’2018 stood at $67.18 per barrel, up by 24 percent from $54.17 per barrel in Q1’2017. Similarly daily crude oil production rose by 47 percent to 1.68 million per day in Q1’2018 from 1.14 million per day in Q1’2017.
Breakdown of the data by the National Bureau of Statistics (NBS) showed that the Federation Account Allocation Committee (FAAC) disbursed N655.18 billion (January), N635.55 billion (February) and N647.39billion (March) to the three tiers of government in the first quarter of 2018 while N430.16 billion (January), N514.15 (February), and N466.93 (March) was received by the three tiers of government in the corresponding period in 2017.
Vanguard’s analysis of NBS, FAAC disbursement data revealed that the federal government received N812.82 billion from the N1.9 trillion shared by FAAC in Q1, 2018 up by 48 percent from N549.13 billion in Q1 2017. States also received N522.18 billion in Q1 2018, up by 45 percent from N359.24 billion in Q1 2017 while local governments received N393.38 billion in Q1 2018, up by 46 percent from N269.39 billion in Q1 2017.
The sum of N161.27 billion was shared among the oil producing states from the 13 percent derivation fund in Q1’2018. This represents a 149 percent increase from the N64.74 billion shared in Q1’2017.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N41.93 billion in Q1’ 2018 representing 29 percent increase from the N64.74 billion received in Q1’2017.