FG, States, LGs share N610bn, revenue sees N42.2bn drop

The three tiers of government have shared N610 billion from the Federation Account for the month of January.

This is as revenue fell by N42.21 billion from the N547.46 billion recorded in the month of December, 2018, given that gross revenue for January stood at N505.24 billion.

The Accountant General of the Federation, Ahmed Idris disclosed this at the end of the Federation Account Allocation Committee meeting held on Wednesday at the headquarters of the Ministry of Finance in Abuja.

Idris, who addressed journalists at the end of the meeting, said despite the revenue decline, the committee was able to allocate the sum of N610.36bn to the three tiers of government.

He also disclosed that additional approval of N50bn to be withdrawn from the Foreign Exchange Equalisation Account for distribution was being awaited by the committee.

The approval, which is expected to be given by the Minister of Finance, Mrs Zainab Ahmed, would bring the total amount to be received during the period to N660.36bn.

According to him, after the deduction of N75 billion cost of revenue collection by revenue collection agencies, the Federal Government received N252.41bn while the 36 states were to share the sum of N170.541bn, and the 774 Local Government Councils were to receive N127.92bn.

The oil producing states also received N41.99bn based on the 13 per cent derivation principle.

For Value Added Tax revenue, Idris revealed that out of the N104.46bn generated during the period, the Federal Government got N15.04bn, states N50.14bn, local government councils N35.10bn. Revenue generating agencies received N1.17bn as the cost of collection.

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