by Usman Alabi
The trio of the Federal government, states and the LGs have reportedly shared N2.53 trillion revenue proceeds from the federation accounts from January to July this year. According to the figures obtained from documents from the federal ministry of finance as reported by News Agency of Nigeria, the revenue generated for the months in focus was N2.73 trillion. The revenue been shared in arrears was generated between December 2015 and June 2016.
The Federal government is said to have received a total of N1.1 trillion in the month under review, states got N727.5 billion while local governments got N544.9 billion. This sharing formula was based on the federal government receiving 52.68% of the generated amount, states, 26% while local governments, 20.6%. The oil producing states were said to have shared additional revenue of N148.1 billion based on the 13 percent derivation principle
The shared revenue was from the earnings of the NNPC and the Department of Petroleum Resources (DPR) and non-oil revenues from FIRS and customs. A quick breakdown showed that in the month of January, the amount shared was N417.1 billion was shared with the federal government receiving N180.3 billion; the states got 113.5 billion while the local governments got N85.4 billion; N208.2 billion was however shared as derivation revenue. In February, N370.3 billion was shared with the federal government receiving N155.4 billion, states, N104 billion, while the LGs got N77.8 billion. In March, N345.1 billion was shared, the federal government got N144.5 billion, states got N96.4 billion while the LGs got N72.1 billion; oil producing states got additional N23.2 billion. N306 billion was shared in April. The federal government received N126 billion, states, N86.9 billion and local governments, N64.7 billion, N20.1 billion was shared as derivation fund to oil producing states.
In the month of May, N289.4 billion was shared, FG got N118.9 billion, states got N83.7 billion while LGs got N62.2 billion. N16 billion was shared as derivation for oil producing states. In June, N311.5 billion was shared with the FG receiving N129.7 billion, states got N89.1 billion while LGs got N66.4 billion, N17 billion was shared as derivation funds to oil producing states. For the month of July, N691.7 billion was shared, FG received N255.6 billion, states, N153.9 billion and local governments N116.3 billion. N20.9 billion was shared as derivation funds to oil producing states. Also in the last three months, the sum of N150 billion has also been given to states that are unable to pay salaries.