The allocation to the three tiers of government declined by N17.38bn from N387.77bn in December to N370.38bn in January.
Minister of Finance, Mrs Kemi Adeosun, who confirmed this yesterday, attributed the decline to the drop in oil prices from $43.4 per barrel to $39.04, which resulted in a revenue loss of $22.55m.
According to her, it will be more beneficial to the country owing to the continuous decline in oil prices, adding that details of the agreement would be presented to the National Economic Council for approval.
The minister said in the area of statutory allocation, the Federal Government, after deducting the cost of collection to revenue generating agencies, received N137.47bn, representing 52.68 per cent.
While the state got N69.72bn or 26.72 per cent; local governments, N53.75bn or 20.8 per cent while the sum of N22.38bn was allocated to the oil producing states based on the 13 per cent derivation principle.
