Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 34)

The Federation Accounts Allocation Committee distributed a total of N769.5 billion to the three tiers of government as revenue earned in July 20193. This amount is slightly higher than the N762.6 billion disbursed as revenue earned in June4, by N6.9 billion. For the review month, the Federal, state and local governments received N299.8 billion, N190.38 billion, and N143.57 billion respectively. As 13% derivation, the oil producing states received N42.92 billion and revenue generating agencies received N92.86 billion as cost of revenue collection. Such transparency in revenue disbursement across the three tiers of government should also be reflected in the actual distribution of funds for public services, especially at state and municipal levels. This would strengthen accountability, public financial management and traceable value for tax payers Naira.

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