FAAC Shares N637.7b to FG, States, LGs

By Dipo Olowookere

A total of N637.70 billion was disbursed to the Federal, States and Local Governments in the month of September 2017 from the amount generated in the month of August 2017, data from the National Bureau of Statistics (NBS) has revealed.

The money was shared to the three tiers of government by the Federation Account Allocation Committee (FAAC).

According to the stat office, the amount disbursed comprised of N550.99 billion from the Statutory Account and N86.71 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.

It was disclosed that Federal government received a total of N273.09 billion from the N637.70 billion shared, while states received a total of N173.81 billion, and Local Governments got N131.04 billion.

In addition, the sum of N41.97 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 N4.59 billion, N9.60 billion and N1.58 billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government revealed that the sum of N235.80 billion was disbursed to the FGN consolidated revenue account; N4.95 billion shared as derivation and ecology; N2.47 billion as stabilisation fund; N8.31 billion for the development of natural resources; and N5.74 billion to the Federal Capital Territory (FCT) Abuja.