FAAC disburses N647.4bn in March

by | April 24, 2018 2:11 pm

The Federation Account Allocation Committee (FAAC) disbursed the sum of N647.4 billion to the three tiers of government in March 2018 from the revenue generated in February 2018, according to report from the National Bureau of Statistics (NBS) data.

The amount disbursed comprised of N557.3billion from the Statutory Account, N89.5bn from Valued Added Tax (VAT) and N654.5million excess bank charges

The Federal government received a total of N270.8billion from the N647.4 billion shared. States received a total of N173.8billion and Local governments received N130.9billion

The sum of N57.5billion was shared among the oil producing states as 13 percent derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.8 billion, N5.6 billion and N3.0 billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N230.3billion was disbursed to the FGN consolidated revenue account; N4.9 billion shared as share of derivation and ecology; N2.5 billion as stabilization fund; N8.2 billion for the development of natural resources; and N5.7 billion to the Federal Capital Territory (FCT) Abuja.