Federal, States Share N2.53trn

Federal, states and local
governments in Nigeria have shared N2.53 trillion as revenue from the Federation Account from January to July this year.
The figures were computed from documents obtained from the Federal Ministry of Finance, showing that the total revenue generated for the seven months was N2.73 trillion.
However, deductions were made for cost of collection to Nigeria Customs Service {seven per cent}; Federal Inland Revenue Service {four per cent} and Department of Petroleum Resources {four per cent}.
The revenue is usually shared in arrears; for example, revenues generated in January is shared in February; thus, the revenue shared between January and July was actually generated between Dec. 2015 and June, 2016.
In the months under review, the Federal Government alone received a total of N1.1 trillion; states got N727.5 billion al,d the local governments got N544.9 billion.
This was shared based on the formula of Federal Government receiving 52.68 per cent of the amount generated, states, 26.72 per cent and local governments, 20.6 per cent.
Also, oil producing states shared an additional N148.1 billion based on the 13 percent derivation.
The revenue shared was the mineral earnings from the Nigeria National Petroleum Corporations {NNPC} and DPR and non-mineral revenue from Customs and FIRS.
Additional revenue came from Petroleum Profit Tax, Import Duty, Exchange gains and NNPC refunds.
Also, in the month of May, the sum of N1.5 billion,’being excess bank charges, was recovered into the Federation Account and shared among the three tiers.
In January, N417.1billion was shared. The Federal Government received N180.3 billion; states, Nl13.5 billion and local governments, N85.4 billion while N208.2 was shared as derivation revenue.
In February, N370.3 billion was shared and Federal Government received N155.4 billion, States N104 billion and Local Government N77.8 billion.