The revenue allocation and control is an integral part of every federal system of government particularly Nigeria, where the nation has federating units with their respective constitutional responsibilities. The federal, state and the local governments which constitute the three tiers of government in the country are each given tax raising powers, and the disbursement of revenue accrued to the three tiers of government which face challenges from the citizenry particularly oil producing states. Thus, this paper assesses the strategies of revenue generation and sharing formula among the three tiers of government in Nigeria such as highlighting the commissions and committees set for allocation formula, made conceptual classifications, sources of government revenue among others. Historical-descriptive approach was utilized as a method of data collection with secondary data used for analysis and drawing necessary summary, conclusions and its recommendations.