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FG, others shared N1.490 trn FAAC funds in 2 months

By Emmanuel Elebeke

ABUJA—The National Bureau of Statistics, NBS, has said the three tiers of government shared a total of N1,490,760,000 for June and July, 2018.

The Bureau indicated this in its report released on Tuesday on the Federation Account Allocation Committee, FAAC, for June and July 2018 disbursement.

The report shows that the FAAC disbursed the sum of N668.90bn to the three tiers of government in June 2018 from the revenue generated in May 2018.

The amount disbursed comprised of N575.48bn from the Statutory Account and N93.42bn from Valued Added Tax, VAT.

Of the total sum, the Federal Government received a total of N282.22bn from the N668.90bn; states received a total of N181.17bn while Local Governments received N136.49bn.

The sum of N53.07bn was shared among the oil producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.63bn, N7.40bn and N3.92bn, respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N240.85bn was disbursed to the FGN consolidated revenue account; N5.10bn shared as derivation and ecology; N2.55bn as stabilization fund; N8.57bn for the development of natural resources; and N5.96bn to the Federal Capital Territory (FCT) Abuja.

For the month of July, the NBS indicates that FAAC disbursed the sum of N821.86bn to the three tiers of government in July 2018 from the revenue generated in June 2018.

The amount disbursed comprised of N687.35bn from the Statutory Account, N85.34bn from Valued Added Tax (VAT) and N7.32bn excess bank charges.

Federal Government received a total of N315.01bn from the N821.86bn, states on their part received a total of N194.51bn and Local governments received N147.05bn.

The sum of N42.85bn was shared among the oil producing states as 13% derivation fund, while N100.00bn was transferred to Excess crude Account(ECA).

Also in the month, revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.82bn, N12.21bn and N5.42bn respectively,  as cost of revenue collections.

 


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