THE three tiers of government – Federal, state and local governments – shared N10.143 trillion from the Federation Account as statutory revenue allocations in 2023.
Dr Ogbonnaya Orji made this known in a report by the Executive Secretary, Nigeria Extractive Industries Transparency Initiative, the News Agency of Nigeria, NAN reports.
According to Orji the revelation was necessary to show transparency in how the nation’s resources are shared by the constitutionally recognized tiers of government.
The report said the federal government received the highest revenue of N3.99 trillion, representing 39.37 percent of the total allocation.
He added that the 36 states got N3.585 trillion representing 35.34 percent while the 774 local government councils shared N2.56 trillion, equivalent to 25.28 percent.
Orji said: “A further analysis of the N10.143 trillion disbursements in 2023 showed an increase of N1.934 trillion or 23.56 percent when compared to the disbursement of N8.209 trillion shared in 2022.
“The review attributed the increase to improved revenue remittances to the Federation Account due to the removal of petrol subsidy and the floating of the exchange rate by the new administration.
“The report highlighted that while total revenues distributed from the account recorded an increase of 23.56 percent in 2023, the increase accruing to each tier of government varied due to the type of the revenue streams contributing to the inflows into the Federation Account,” he said.
Meanwhile, not a few Nigerians insist that they are yet to see improvement in their lives despite the humongous revenue shared by the three levels of government. To them, the higher funds shared by the governments only reflect in the ostentatious lifestyles of state officials.
