NEW YEAR BONUS: AS FED.,STATES &LGs Share $1bILLION

* From Excess Crude Oil Account

In what could be considered as 'Manna from Heaven', the Economic Confidential magazine gathered how a total sum of $1 billion was shared from Excess Crude Oil Savings Account among the tiers of government on the eve of New Year 2011.

The commissioners of finance from states and their accountants general were suddenly invited to attend an Emergency Meeting of the Federation Account Allocation Committee (FAAC) on December 31, 2010 were the allocation was shared in a foreign currency, US Dollar. The meeting came about two week after the December Allocation of over N500billions were shared and just about two week to the next meeting in January 2011 for another monthly disbursement.

There are no convincing reasons for the dollarized allocation when the country’s legal tender is Naira. Apart from the constitutional implication of promoting a foreign currency against local legal tenders which could trigger off inflation and turn Naira notes to worthless tissues, the release of the amount few weeks to primaries of political parties in Nigeria called for concern.

At the meeting, it learnt that the governors mounted pressure on the President to release the money so they can "tackle the huge infrastructure deficit" in their states.

The Chairman of the FAAC who is also Finance Minister of State, Hajiya Yabawa Wabi, said the fund was disbursed for beneficiaries to execute capital projects.

From the table of figures obtained by the Economic Confidential, the highest recipients of the dollar rain in the eve of the new year are from the oil producing states with Bayelsa surprisingly leading the pack as it received $47.1mn, followed by Akwa Ibom $43.6mn, Rivers $40.6mn, and Delta $33.0mn. The highest recipients from non-oil –producing states are Kano $20mn, Lagos $15mn and Katsina $15mn

The lowest recipients as revealed in the table below are Ebonyi $8mn, Gombe $8.3mn, Nasarawa $8.3mn, and Ekiti $8.4mn. The Economic Confidential can also confirm other disbursements from this special dollar allocation in December 2010: Federal Government $458mn, and FCT Councils $1.5mn. 

1 S/NO	2 STATES	3 FED. & STATES ALLOCATION	4 TOTAL DERIVATION OIL & GAS	5 TOTAL (3+4)	6 STATE NET	7 LG NET ALLOCATION	8 TOTAL (5+6)	S/NO
		=$=	=$=	=$=	=$=	=$=	=$=
1	ABIA	5,603,018.13	1,302,652.26	6,905,670.39	6,905,670.39	3,737,246.28	10,642,916.67	1
2	ADAMAWA	6,255,041.66	-	6,255,041.66	6,255,041.66	4,809,472.13	11,064,513.79	2
3	AKWA IBOM	6,327,961.33	30,937,340.20	37,265,301.53	37,265,301.53	6,342,726.25	43,608,027.78	3
4	ANAMBRA	6,318,075.08	-	6,318,075.08	6,318,075.08	4,767,638.64	11,085,713.72	4
5	BAUCHI	7,327,842.42	-	7,327,842.42	7,327,842.42	5,514,081.08	12,841,923.50	5
6	BAYELSA	5,018,113.05	40,102,560.81	45,120,673.86	45,120,673.86	2,028,712.70	47,149,386.55	6
7	BENUE	6,754,525.03	-	6,754,525.03	6,754,525.03	5,606,701.11	12,361,226.14	7
8	BORNO	7,452,689.83	-	7,452,689.83	7,452,689.83	6,443,638.97	13,896,328.80	8
9	CROSS RIVER	5,871,901.64	1,095,803.80	6,967,705.44	6,967,705.44	4,004,274.33	10,971,979.77	9
10	DELTA	6,324,209.19	21,438,360.97	27,762,570.16	27,762,570.16	5,292,603.44	33,055,173.60	10
11	EBONYI	5,185,672.11	-	5,185,672.11	5,185,672.11	2,852,773.38	8,038,445.48	11
12	EDO	5,902,555.80	1,277,260.27	7,179,816.07	7,179,816.07	4,007,836.62	11,187,652.69	12
13	EKITI	5,230,829.37	-	5,230,829.37	5,230,829.37	3,260,183.61	8,491,012.98	13
14	ENUGU	5,901,631.39	-	5,901,631.39	5,901,631.39	3,862,697.93	9,764,329.31	14
15	GOMBE	5,517,765.50	-	5,547,765.50	5,547,765.50	2,818,607.94	8,366,373.44	15
16	IMO	6,300,662.47	1,261,327.08	7,561,989.55	7,561,989.55	5,592,903.51	13,154,893.06	16
17	JIGAWA	6,120,711.29	-	6,920,711.29	6,920,711.29	5,867,812.75	12,788,524.04	17
18	KADUNA	7,887,612.99	-	7,887,612.99	7,887,612.99	6,293,616.84	14,181,229.83	18
19	KANO	9,885,629.66	-	9,885,629.66	9,885,629.66	10,328,704.17	20,214,333.83	19
20	KATSINA	7,517,991.79	-	7,517,991.79	7,517,991.79	7,551,386.77	15.069,378.57	20
21	KEBBI	6,288,360.38	-	6,288,360.38	6,288,360.38	4,690,724.45	10,979,084.83	21
22	KOGI	6,272,665.17	-	6,272,665.17	6,272,665.17	4,861,782.19	11,134,447.36	22
23	KWARA	5,716,082.56	-	5,716,082.56	5,716,082.56	3,733,725.35	9,449,807.91	23
24	LAGOS	8,929,906.54	-	8,929,906.54	8,929,906.54	6,273,965.18	15,203,871.72	24
25	NASSARAWA	5,355,681.88	-	5,355,681.88	5,355,681.88	2,987,781.16	8,343,463.04	25
26	NIGER	7,314,722.25	-	7,314,722.25	7,314,722.25	6,054,616.32	13,369,338.58	26
27	OGUN	6,113,363.41	-	6,113,363.41	6,113,363.41	4,480,296.70	10,593,660.11	27
28	ONDO	5,862,791.22	4,178,158.01	10,040,949.23	10,040,949.23	4,135,547.96	14,176,497.19	28
29	OSUN	5,798,203.50	-	5,798,203.50	5,798,203.50	5,636,008.30	11,434,211.80	29
30	OYO	7,305,036.20	-	7,305,036.20	7,305,036.20	7,206,970.48	14,512,006.68	30
31	PLATEAU	6,134,768.73	-	6,134,768.73	6,134,768.73	4,125,364.91	10,260,133.64	31
32	RIVERS	6,858,507.76	28,406,536.60	35,265,044.36	35,265,044.36	5,401,971.04	40,667,015.39	32
33	SOKOTO	6,521,755.54	-	6,521,755.54	6,521,755.54	5,178,330.94	11,700,086.48	33
34	TARABA	6,177,377.31	-	6,177,377.31	6,177,377.31	4,122,044.19	10,299,421.50	34
35	YOBE	6,130,849.01	-	6,130,849.01	6,130,849.01	3,997,377.99	10,128,227.00	35
36	ZAMFARA	6,149,488.81	-	6,149,488.81	6,149,488.81	3,752,825.68	9,902,314.48	36
37	FCT-ABUJA	-	-	0.00	0.00	1,597,048.73	1,597,048.73	37
	SUB TOTAL	232,464,000.00	130,000,000.00	362,464,000.00	362,464,000.00	179,220,000.00	541,684,000.00
40	FGN	458,316,000.00	0.00	458,316,000.00	458,316,000.00		458,316,000.00	40
	GRAND TOTAL	690,780,000.00	130,000,000,000.00	820,780,000.00	820,780,000.00	179,220,000.00	1,000,000,000.00

Source: Economic Confidential