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How Nigeria's three tiers of government shared $1.71 billion April revenue allocation

President Muhammadu Buhari [Presidency]
  • Nigeria's revenue increases by N72.26 billion to N616.19 billion in April.
  • The Federation Account Allocation Committee allocates the money to three tiers of government.
  • Nigeria's 36 states including FCT receive N168.05 billion which is 26.72% of the total amount.
  • NEITI says dwindling crude oil prices affecting government revenue

Nigeria's three tiers of government shared N616.19 billion ($1.71 billion) from the federation account as revenue allocation for the month of April.

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In a statement issued on Tuesday at the end of the Federation Account Allocation Committee (FAAC) meeting at the Ministry of Finance, the government said gross statutory revenue for the month of April was N518.91 billion.

The figure was N72.26 billion higher than the N446.64 billion received in the previous month of March.

In the month of April, the government made N512.6 billion from statutory distributable revenue and N96.4 billion from VAT.

The breakdown is giving below:

  • Federal Government received N253.91 billion representing 52.68%
  • States got N168.05 billion which is 26.72%
  • Local Government Councils received N126.27 billion representing 20.60%.
  • Oil producing states received the sum of N46.35 billion based on the 13% derivation principle.

In its Quarterly Review publication, the Nigerian Extractive Industries Transparency Initiative (NEITI) raised alarm over dwindling federal revenue and allocations.

The transparency agency said the combined net disbursements from the Federation Allocation Account Committee (FAAC) to the 36 states and the Federal Capital Territory in the last two years can hardly fund the 2019 budgets of 35 states.

The report also shows that the total FAAC disbursement to the states and Abuja between January and March 2019 dropped significantly as a result of declining global oil prices, slightly affecting government earnings.

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