FG, states, LGs share N370bn, as federal allocation drops

The Statutory allocation distributed to the three tiers of government from the Federation Account in January stood at N370.388 billion, representing a decrease of N17.383 billion from the N387.771 billion distributed in the preceding month.

The Minister of Finance, Mrs. Kemi Adeosun, who briefed journalists on Tuesday, shortly after the Federation Accounts Allocation Committee’s (FAAC) meeting confirmed the drop in shared funds.

She said that the N370.388 billion distributed for the month comprised three distribution sources namely, statutory revenue N290.961 billion, Value Added Tax N69.719 billion, exchange gain N3.378 billion and refund by the Nigeria National Petroleum Corporation, NNPC, to the Federation Account totaling N6.330 billion.