FG, states, LGs share N4.97trn in 2016

The three tiers of government comprising federal, states and local government councils shared a grand total of N4.97 trillion as federation revenue approved by the Federal Accounts Allocation Committee (FAAC) in 2016 fiscal year.

The N4.97 trillion represents 12 months of disbursements with effect from December 2015 to November 2016 as against last year’s grand total disbursements of N5.5 trillion for similar period.

The 2016 allocati0on dipped by N523.2 billion. The December 2016 allocation will be shared in January 2017.

The grand total disbursed in 2016 comprised allocation to Federal Government, states, local government councils and payout to oil producing states, representing 13 per cent share of derivation principle.

The sum shared were aggregation of statutory, Value Added Tax (VAT), refund by the Nigerian National Petroleum Corporation (NNPC) to government, among others.

New Telegraph, December 28

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