FG, states, LGs shared ₦1.41 trillion in first quater: report

Nigeria Federal Government, the 36 states of the federation and the 774 local government areas have so far shared ₦1.4tn from the Federation Account, being revenue generated in the first quarter of this year.

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

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.

The total revenue shared in January by the three tiers of government was ₦430.16bn, with the Federal Government taking ₦168bn; states, ₦114.28bn; and local governments, ₦85.4bn.

The federation grossed in ₦514bn in February and Federal Government’s share was ₦200.6bn; states, ₦128.4bn; and local governments, ₦96.52bn.

However, in March, revenue generation dipped, grossing ₦466.9bn, from which the Federal Government got ₦180.5bn; state governments, ₦116.5bn; and local governments, ₦87.5bn.

The allocations were made using this revenue sharing formula: the Federal Government, 52.68 per cent; states, 26.72 per cent; and local governments, 20.60 per cent.

The report showed that before the distribution of the revenue, the states’ respective liabilities were deducted.

The liabilities paid by the states in the first quarter included an external debts of ₦8.73bn, contractual obligations of ₦30.15bn and other deductions amounting to ₦50.23bn.

Others are deductions for national water rehabilitation projects, national agricultural technology support, payments for fertilizer, state water supply project, state agriculture project and national Fadama project.

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