FG, States, LGs, Withdraw N1.41Trn From Federation Account

The Federal Government, the 36 states and their local government areas have so far shared N1.4 trillion from the federation account, being revenue generated in the first quarter of 2017.

The breakdown is contained in the monthly Federation Account Allocation Committee (FAAC) report obtained by the News Agency of Nigeria (NAN) on Sunday in Abuja.

The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service and the Nigerian Customs Service.

The total revenue shared in January between the federal, states and local government was N430.16 billion, meaning that federal took N168 billion, states, N114.28 billion and local government, N85.4 billion.

The federation grossed in N514 billion in February and federal government’s share was N200.6 billion, states, N128.4 billion and local government, N96.52 billion.

However, in March, revenue generation dipped lower, grossing N466.9 billion, and from it, the federal government got N180.5 billion, state governments, N116.5 billion and local government, N87.5 billion.

The allocation was made using the revenue sharing formular, Federal Government, 52.68 per cent; states, 26.72 per cent and local governments 20.60 per cent.