The Federal Government, thirty-six states and their local government areas have so far shared one-point-four trillion naira from the federation account, being revenue generated in the first quarter of 2017. The breakdown is contained in the monthly Federation Account Allocation Committee report obtained today in Abuja.
The key agencies that remit funds into the federation account are the Nigerian National Petroleum Corporation, the Federal Inland Revenue Service and the Nigerian Customs Service.
The total revenue shared in January between the federal, states and local government was four hundred and thirty billion naira, meaning that the federal government took one hundred and sixty-eight billion naira, states got one hundred and fourteen billion naira and local governments got eighty-five billion naira.
The federation grossed in five hundred and fourteen billion naira in February and federal government’s share was two hundred billion naira, states got one hundred and twenty-eight billion naira and local governments got ninety-eight billion naira billion.
However, in March, revenue generation dipped lower, grossing four hundred and sixty-six billion naira and from it, the federal government got one hundred and eighty billion naira, state governments got one hundred and sixteen billion naira and local governments got eighty-seven billion naira.