Three Tiers Of Government Share N750 Billion As Allocation For January 2023

The three tiers of governments have shared revenue totaling N750.17 billion as their allocation from the federation account for the month of January 2023

The allocation was N240 billion lower than N990.19 billion shared for the month of December 2022.

The revenue was shared on Monday during the February 2023 meeting of the federation account allocation committee in Abuja.

The shared revenue was from the statutory revenue, value added tax, electronic money transfer levies, augmentation from non-mineral revenue and savings.

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Federal government received N277.3 billion, 36 state governments (N244.9 billion), 774 local governments (N180.14 billion), and N32.73 billion as 13 per cent derivation to oil producing states.

Also, N10 billion was allocated to revenue collection agencies and N7.2 billion to transfer, savings, recovery and refunds.

The fund in the excess crude account as at February 20 was $473,754 million.