Following the monthly report from the Federation Account Allocation committee, it was reported that the Federal Government, the 36 states of the federation and the 774 local government areas have so far shared N1.4tn from the Federation Account.
Report obtained by the News Agency of Nigeria on Sunday, May 21 in Abuja, stated that the already shared N1.4tn was the revenue generated in the first quarter of this year.
According to the source, the key agencies that remit funds into the Federation Account are the Nigerian National Petroleum Corporation, Federal Inland Revenue Service and the Nigeria Customs Service.
Considering the revenue sharing formula on which the allocation was made; the Federal Government, 52.68 per cent; states, 26.72 per cent; and local governments, 20.60 per cent.
N430.16bn was shared in January among the three tiers of Government; where N168bn goes to the Federal Government; N114.28bn for states and N85.4bn for local governments.
N514bn in February and N200.6bn for the Federal Government; states, N128.4bn; and local governments, N96.52bn.
N466.9bn in March; Federal Government got N180.5bn; state governments, N116.5bn; and local governments, N87.5bn.
The report showed that, the states’ respective liabilities were deducted.
Also, the liabilities paid by the states in the first quarter included an external debts of N8.73bn, contractual obligations of N30.15bn and other deductions amounting to N50.23bn before the distribution of the revenue.