FG, states, LGs share N635.55bn as allocation drops by N20bn

FG, states, LGs share N635.55bn as allocation drops by N20bn

Federal, state and local governments have shared revenue totalling N637.5 billion from the federation account for the month of January 2018.

The revenue is N20 billion lower than N655 billion shared by the three tiers of government in December 2017.

Accountant General of the Federation, Ahmed Idris, announced this to newsmen at the end of the monthly meeting of the Federation Account Allocation Committee in Abuja.

The breakdown of the revenue shows that federal government got N263.2 billion, 36 state governments (N143.9 billion), 774 local governments (N129.9 billion), while the oil producing states received N52.04 billion as 13 per cent derivation.

The accountant general blamed the drop in the shared revenue, despite the rise in world oil price on the shut down, on the shut in of oil pipelines for repair, and the suspension in oil export in some of the terminals, including the Bonny export terminal.

For instance, the daily oil export dropped by 36,000 barrels amounting to a loss of revenue totalling $113.8 million.

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