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, FIRS; and the Nigerian Customs Service, NCS.
The total revenue shared in January between the Federal, States, and Local Government, was N430.16 billion, meaning that the Federal took N168 billion, States, N114.28 billion, and the Local Government, N85.4 billion.
The Federation, grossed in N514 billion in February, with the Federal Government’s share at 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 percent; States, 26.72 percent, and Local Governments, 20.60 percent.
The report showed that before distribution, State liabilities were deducted.
The liabilities paid by the States in the first quarter, included an external debt of N8.73 billion, contractual obligations of N30.15 billion, and other deductions amounting to N50.23 billion.
The other deductions cover National Water Rehabilitation Projects, National Agricultural Technology Support, Payment for Fertiliser, State Water Supply Project, State Agriculture Project, and National Fadama Project.
However, here is what each of the 36 States got in the first quarter, after all deductions were made.
Source: www.post-nigeria.com
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