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FAAC: FG, States, LGs Share N655.18b in January FAAC: FG, States, LGs Share N655.18b in January


FAAC: FG, States, LGs Share N655.18b in January



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.

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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