FAAC Monitor: FG, States, LGs shared N1.4 trillion in the first quarter

by Opeoluwa Quadri

The Federal government, 36 states have so far shared N1.4 trillion from the federation account, being revenue generated in the first quarter of 2017., reported This day.

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

According to the report by This Day newspaper, “the key agencies that  remit funds into the federation account are the Nigerian National Petroleum Corporation (NNPC), the Federal Inland Revenue Service (FIRS) and he Nigerian Customs (NCS).

The report also showed that the total revenue shared in January between federal, states, and local government was N430.16 billion, the federal government had N168 billion, states got N114 billion while local government got N85.4 billion.

In February, N514 billion was made as revenue, federal government got N200.6 billion, states got N128.4 billion while local government got N96.52 billion.

In March, the generated revenue fell to N466.9 billion, out of which the federal government got N180.5 billion, states got N116.5 billion while local government got N87.5 billion.

This Day also reported that the allocation was made using the revenue sharing formula, federal government got 52.68 per cent; states had 26.72 per cent and local governments 20.60 per cent.

Federal Accounts Allocations Committee is made up of Commissioners of Finance, and Accountant General of the Federation, with representatives from the NNPC.  Other members are representatives from the FIRS; the NCS; Revenue Mobilisation,Allocation and Fiscal Commission (RMAFC), also Central Bank of Nigeria.