Check Out How Much The 3 Tiers Of Govt. Shared This Year
Although Nigeria’s economy
battled recession much of last year and into a few months of this year, trillions of naira
continued to flow into the government coffers as crude oil prices rose and government
earned more of the green backs.
So, between January and November this year, the Federation Account Allocation Committee shared a total of 5.74 trillion naira to the three tiers of government.
And this is actually more money than the previous year.
An analysis of the FAAC distribution shows that the amount represents an increase of 765 billion naira over the 4.98 trillion naira, which the committee allocated in the corresponding period of 2016.
A breakdown of the 5.74 trillion-naira allocation showed that after deducting cost of collections to revenue generating agencies such as the Nigeria Customs Service and the Federal Inland Revenue Service, the Federal Government got the sum of 2.26 trillion naira.
A further analysis showed that the 36 states received 1.36 trillion naira while the 774 local government areas were allocated a total of 1.03 trillion naira.
The federation account is currently being managed on a legal framework that allows funds to be shared under three major components – statutory allocation, Value Added Tax distribution; and allocation made under the derivation principle.
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