By Modupe Gbadeyanka
A total of N655.18 billion was shared by the Federal, State and Local Governments in the month of January 2018 from the federation account.
The money was disbursed to the three tiers of government by the Federation Account Allocation Committee (FAAC).
According to the National Bureau of Statistics (NBS), the shared allocation was from the revenue generated in December 2017.
It comprised N538.51 billion from the Statutory Account and N83.96 billion from Valued Added Tax (VAT).
Also N14.713 billion and N16.055 billion were distributed as FOREX Equalisation while an excess bank charges of N1.938 billion recovered was also distributed.
Federal Government received a total of N278.73 billion from the N655.18 billion shared, while states received a total of N175.55 billion and Local Governments received N132.48 billion.
In addition, the sum of N51.74 billion was shared among the oil producing states as 13 percent derivation fund.
According to the stats office, revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.12 billion, N7.44 billion and N3.10 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 N240.98 billion was disbursed to the FGN consolidated revenue account; N5.06 billion shared as share of derivation and ecology; N2.53 billion as stabilization fund; N8.50 billion for the development of natural resources; and N5.83 billion to the Federal Capital Territory (FCT) Abuja.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
Like Our Facebook Page
Latest News on Business Post
- UK May Adopt Digital Currency April 19, 2021
- Leadway Assurance Seeks Cyber Insurance Acceptance April 19, 2021
- Explainer: The Controversy Around European Super League April 19, 2021
- Sub-Saharan Africa Must Embrace Data to Boost Growth—BCG April 19, 2021
- Experts to Discuss Tech, Digital Transformation at MSME Dialogue 3.0 April 19, 2021
- Ecobank Attracts Nigerians Abroad With Competitive Interest Rates April 19, 2021
- About Africa’s Overwhelming Dishonesty April 19, 2021
- 7 Top Financial Indicators You Should Monitor as a Business Owner April 19, 2021
- Arogundade Urges Companies to Emulate Rite Foods April 19, 2021
- Northern IPMAN Threatens Strike Over PEF Conflict April 19, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology4 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Feature/OPED1 year ago
Davos was Different this year
Feature/OPED1 month ago
COVID and the Growth of Technology in Nigeria
Economy1 month ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP
Brands/Products2 months ago
Unilever Sells New Closeup Variant on Jumia at Lower Prices