By Emmanuel Elebeke
Three major revenue generating agencies, the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N17.34bn as cost of revenue collections for April.
The National Bureau of Statistics (NBS) made this known in its Federation Account Allocation Committee, FAAC’s May 2018 Disbursement Statistics’ posted on its website.
A breakdown of the amount shows that of the amount , the Nigeria Customs Service (NCS) received N4.61bn, Federal Inland Revenue Service (FIRS) received N8.67bn, while Department of Petroleum Resources (DPR) the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR ) and N4.06bn respectively in the month under review as cost of revenue collection for April.
The report shows that the FAAC disbursed the sum of N701.02bn to the three tiers of government in the same month from the revenue generated in April 2018.
According to the NBS, the amount disbursed comprised of N612.64bn from the Statutory Account, N87.97bn from Valued Added Tax (VAT) and N418.88m being excess bank charges recovered.
Of the whole amount, federal government received a total of N289.04bn from the N701.02bn.
The states received a total of N181.96bn while local governments received N137.33bn.
The sum of N49.76bn was shared among the oil producing states as 13% derivation fund.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N247.12bn was disbursed to the FGN consolidated revenue account; N5.25bn shared as share of derivation and ecology; N2.62bn as stabilization fund; N8.82bn for the development of natural resources; and N6.05bn to the Federal Capital Territory (FCT) Abuja.