FAAC shared the sum of N3.18tn to the three tiers of government

Between January and May, the Federation Account Allocation Committee shared the sum of N3.18tn to the three tiers of government.

Under statutory allocation, the Federal Government gets 52.68 per cent of the revenue shared; states, 26.72 per cent; and local governments 20.60 per cent.

Similarly, extra allocation is given to the nine oil producing states based on the 13 per cent derivation principle.

However, data from the Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2022 to 2024 showed that the prorated amount budgeted to be disbursed to the three tiers of government was N3.5tn.

cc PUNCH

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