April 05, 2018 /08:50 AM/FBNQuest Research
total monthly payout by the Federation Account Allocation Committee (FAAC) to
the three tiers of government amounted to N647bn (US$2.11bn) in March (from
February revenues). This was an increase of N11bn from the previous
local media coverage was particularly thin on this occasion, and lacked the
usual commentary of the accountant-general of the federation. Distributions
have picked up from the lows seen in 2015, 2016 and early 2017, and exceeded
N600bn in the past four months.
The gross statutory allocation consisted of
N444bn and N113bn for mineral and non-mineral revenue respectively, compared
with N405bn and N134bn the previous month.
We would expect the rise in mineral revenue
in view of the apparent pick-up in crude output. The lower collection from
non-mineral sources is disappointing, given the positive statements emanating
from the revenue collection agencies.
After the deduction of collection costs,
the states’ share of the statutory allocation was N131bn. (Oil-producing states
received an additional N57bn.) This would not cover most states’ salary and
other operating costs.
The distributions are an important source
of liquidity for the money market. This latest payout provided an inflow of
about N330bn on Thursday (29 March). It represented the monies due to the state
and local governments. The FGN’s share is paid into the treasury single
We have taken the latest payout from local
media reports. The data for earlier months in the chart are drawn from the NBS.
Disburses N635.55bn in February 2018 - NBS
2017 IGR Report – Osun State Grows IGR by 32.04% in FY 2017
Finances Under Heavy Pressure
Generate N931.23bn as IGR in 2017 - NBS
- PMI Reading
No 60: Strong, and Broad-based
PMI Stands at 56.7% in March 2018 from 56.3% in February 2018
Apparel and Footwear Sub-sector Remains 2nd Largest Contributor to
- Nigeria -
Oil Dependence Undermines Otherwise Sustainable Fiscal Position
Nigeria’s Poverty Level Through Its Health System