FAAC Shares N660bn to FG, States, LGs in February

By Dipo Olowookere

The National Bureau of Statistics (NBS) on Tuesday said the sum of N660.37 billion was disbursed to the three tiers of government in February 2019 from the revenue generated in January 2019.

According to the stats office, this amount was shared to the Federal, State and Local Governments by the Federation Account Allocation Committee (FAAC).

It was stated that the amount disbursed comprised N497.12 billion from the Statutory Account, N104.47 billion from Valued Added Tax (VAT), N8.12 billion as excess charges recovered, N50 billion distributed as FOREX Equalisation Fund and N654.70 million exchange gain differences.

A further breakdown indicated that federal government received a total of N275.33 billion from the N660.37 billion, states received a total of N182.17 billion, while local governments received N136.88 billion.

It was said that the sum of N48.49 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 N5.66 billion, N7.62 billion and N4.07 billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N221.33 billion was disbursed to the FGN consolidated revenue account; N4.94 billion shared as share of derivation and ecology; N2.47 billion as stabilization fund; N8.30 billion for the development of natural resources; and N5.90 billion to the Federal Capital Territory (FCT) Abuja.