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Federal allocation drops 28.3% in August — NBS

By Yinka Kolawole

National Bureau of Statistics, NBS, yesterday, reported that the Federation Account Allocation Committee, FAAC, shared N467.85 billion among the three tiers of government in August 2017.

This is N184.38 billion less than the N652.23 billion disbursed to the three tiers of government in July 2017, representing a drop of 28.3 percent.

Naira allocation

The report stated: “The Federation Account Allocation Committee, FAAC, disbursed N467.85 billion to the three tiers of government in August 2017 from the revenue generated in July 2017.

“The amount disbursed comprised N387.32 billion from the Statutory Account and N80.53 billion from Valued Added Tax, VAT. No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation, NNPC, and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.

“Federal Government received N193.05 billion from the N467.85 billion shared. States received N130.69 billion and local governments received N98.01 billion. N31.59 billion 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 N3.63 billion, N6.76 billion and N2.12 billion respectively as cost of revenue collections.”

 

 


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