How States, LGs, FG Shared N2.53trn In 7 months - 9JAOlofofo | Nigeia #1 gossip site.

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Thursday, 22 September 2016

How States, LGs, FG Shared N2.53trn In 7 months

The federal, states and local governments have shared N2.53 trillion as proceeds of revenues from the Federation Account from January to July, the News Agency of Nigeria (NAN) reports.
The figures were derived from documents obtained from the Federal Ministry of Finance, showing that the total revenue generated for the months under review 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).
NAN reports that 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.
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