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FG, States, LGs Share N462.4b from FAAC in June

By Modupe Gbadeyanka

Data released on Thursday by the National Bureau of Statistics (NBS) has revealed that the Federation Account Allocation Committee (FAAC) disbursed the sum of N462.36 billion to the three tiers of government in June 2017 from the revenue generated in May 2017.

The amount disbursed comprised of N317.56 billion from the Statutory Account; N64.81 billion from exchange gain; N79.99 billion from Valued Added Tax (VAT).

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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, the agency said.

It explained that Federal government received a total of N189.94 billion from the N462.36 billion shared.

States received a total of N128.89 billion and Local governments received N96.65 billion, the stat office added.

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The sum of N26.96 billion was shared among the oil producing states as 13 percent derivation fund, the agency said in the report.

It noted that revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.67 billion, N7.76 billion and N2.24 billion respectively as cost of revenue collections.

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Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N159.45 billion was disbursed to the FGN consolidated revenue account; N3.39 billion shared as share of derivation and ecology; N1.69 billion as stabilization fund; N5.69 billion for the development of natural resources; and N4.11 billion to the Federal Capital Territory (FCT) Abuja.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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