Investigations have revealed that a whopping total of N6.16trn was withdrawn from the Federation Account and shared among the three tiers of government in the 2012 fiscal year.
The figure, allocated under various distribution sub-head as approved by the legal framework on which the account is being managed, includes:
Statutory allocation, shared using the formula: Federal Government 52.68per cent, states 26.72 per cent and local governments 20.60 per cent; Value Added Tax: Federal Governments 15 per cent, states 50 per cent and LGs 35 percent; and the 13 per cent derivation which is extra allocation for the oil-producing states.
The amount also includes the monthly return of N7.6bn which is owed the Federation Account by the Nigerian National Petroleum Corporation, which is shared by only the states and local governments as the Federal Government forfeited its part to the corporation.
The total figure, which was obtained from the Ministry of Finance represented the monthly compilation of resources allocated to the three tiers of government by the Federal Accounts Allocation Committee which is composed of the commissioners of finance of the 36 states of the federation, and headed by the Minister of State for Finance, Dr Yerima Ngama.
Other members of the committee include the Accountant-General of the Federation, representatives of the Central Bank of Nigeria, Revenue Allocation and Fiscal Commission, Nigeria Customs Service, and the Nigeria National Petroleum Corporation.
Out of the N6.16trn, the month of February enjoyed being the month with the highest figure of distributed revenue of N620bn, preceded by January with N614bn and succeeded by March with N613.6bn. April and May got N497.1bn and N563.08bn respectively.
Similarly, N461.7bn was approved for June, while July got N520.91bn; August N570.61bn, September N566.51bn; October and November got N574.9bn and 572.9bn respectively.
The statutory revenue collected for the month of December has not been distributed as the FAAC meeting for this month is yet to be held.
Further analysis showed that the Federal Government got N2.39trn with the breakdown as follows: N173.4bn in January and N189.16bn, N231.63bn. N233.96bn and N296.3bn in February, March, April and May respectively.
Similarly, it got N218.24bn in June; while the months of July, August, September, October and November are thus respectively: N217.7bn, N206.73bn, N211.74bn, N218.65bn and N190.3bn.
Meanwhile, the s36 states collectively shared N1.21trn and the 774 local government areas shared N935.2bn.