FAAC disburses N7.7trn to govts in 11months
The three tiers of the government received a total allocation of N7.71tn from the federation account from January to November last year.
An analysis of the Federation Account Allocation Committee’s distribution showed that unlike in 2017 when the revenue allocation to the three tiers of government was low, the 2018 fiscal period was high despite oil production shutdown.
The federation account is currently being managed on a legal framework that allows funds to be shared under three major components, which are statutory allocation, Value Added Tax distribution, and allocation made under the derivation principle.
Under statutory allocation, the Federal Government gets 52.68 per cent of the revenue shared; states, 26.72 per cent; and local governments, 20.60 per cent.