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 Federal Government, states and LGs allocations hit N10.14 trillion

Written by on March 20, 2024

There seems to be some improvement on the country’s fortunes as the removal of subsidy on Premium Motor Spirit, popularly called petrol, pushed up the statutory revenue allocations from the Federation Account that was shared by the three tiers of government in 2023 to N10.14 trillion.

According to data released by the Nigeria Extractive Industries Transparency Initiative, the amount shared by the federal, state and local governments increased by N1.93 trillion last year, when compared to what they got in 2022.

NEITI attributes this increase to the removal of subsidy on petrol by President Bola Tinubu in May 2023.

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