Dipo Olowookere
By Dipo Olowookere
The sum of 418.8 billion was shared by the three tiers of government in Nigeria in the month of May 2017 from the Federation Account Allocation Committee (FAAC).
A report released on Thursday by the National Bureau of Statistics (NBS) revealed that the above amount was from the revenue generated in April 2017.
NBS stated that a total of N163.89 billion was received by the Federal government from the amount, while states got a total of N117.59 billion and local governments received N87.77 billion from the allocation.
It said further that the sum of N29.94 billion was shared among the oil producing states as 13 percent derivation fund and N3.09 billion transferred to the Excess Petroleum Product Tax (PPT) Account.
According to the stats office, the amount disbursed last month comprised of N275.20 billion from the Statutory Account; N38.52 billion from exchange gain; N20.42 billion from Excess Petroleum Product Tax (PPT) Account; N84.67 billion from Valued Added Tax (VAT) while no allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.01 billion, N5.39 billion and N1.44 billion respectively as cost of revenue collections in the period under review.
Further breakdown of revenue allocation distribution to the Federal Government revealed that the sum of N135.49 billion was disbursed to the FGN consolidated revenue account; N2.88 billion shared as share of derivation and ecology; N1.44 billion as stabilization fund; N4.84 billion for the development of natural resources; and N3.65 billion to the Federal Capital Territory (FCT) Abuja.
