byYWriter
Federal Account Allocation Committee shared a total of N5.7tn to the three tiers of government between January and November 2017.
The N5.7tn shared represents an increase of N765bn over the N4.98tn which the committee allocated in 2016. The FAAC committee comprises of the Minister of Finance, commissioner of Finance from the 36 states of the Federation; Accountant General of the Federation and representatives of the Nigerian National Petroleum Corporation, representatives of the Federal Inland Revenue Service; Nigerian Custom Service; Revenue Mobilization Allocation and Fiscal Commission as well as the Central Bank of Nigeria.
Under statutory allocation, FG gets 52.68 per cent of the revenue shared; states get 26.72% while LGs get 20.60 per cent. The framework for sharing also provides that Value Added Tax revenue should be shared thus: FG gets 15%; states get 50% while LGs get 35%.
A breakdown of the N5.74tn shared after deducting cost collections to the revenue generating agencies showed that the FG go the sum of N2.26tn, the 36 states of the federation received N1.36tn while the 774 local government areas were allocated N1.03tn.
In January 2017, the three tiers of government shared N430.16bn, out of which FG got N168bn, states got N114.28bn and LGs got N85.4bn.
In February, the federation generated N514bn, out of which the federation generated N514bn, out of which the FG’s share was N200.6bn, states got N128.4bn; and LGs got N96.52bn.
In March, the revenue generation dipped with N466.9bn; and from that, the Federal Government got N180.5bn; states got N116.5bn and LGs got N87.5bn.
The allocation declined further by N52.07 from N467.8bn shared in March 2017 to N415.73bn in April, with the Federal Government receiving N163.89bn; states N117.59; while local government received N87.77bn.
In the month of May, the committee shared the sum of N462.4bn among the three tiers of government as statutory allocation with the Federal government receivingN147.7bn; states got N74.9bn;and local government gotN57.8bn.
In June, the three tiers of government shared N652.2bn with the FG getting N286.6bn; states got N178.6bn while LGs got N134.9bn.
In July the sum of N467.85bn was shared, with the FG receiving N193bn; states got N130.69bn and LGs got N98bn.
For the month of August, FAAC distributed the sum of N637.7bn, with the Federal, states and local government receiving N260.6bn, N132.18bn and N101.9bn respectively.
The sum of N558bn was shared with the Federal government receiving N210bn; states got N140.45bn; and LGs getting N107.4bn.
In October, the sum of N532.7bn was shared, while November had a total of N609bn allocated to the three tiers of government