FAAC Shares N652.23b to FG, States, LGs in July

By Modupe Gbadeyanka

A total of N652.23 billion was disbursed by the Federation Account Allocation Committee (FAAC) dto the three tiers of government in July 2017.

This amount, according to a report released by the National Bureau of Statistics (NBS), was from the revenue generated in June 2017.

The report noted that the amount disbursed comprised N570.58 billion from the Statutory Account and N81.64 billion from Valued Added Tax (VAT).

However, 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 stats agency said.

A breakdown of how the money was shared showed that federal government received a total of N286.65 billion, while states received a total of N178.62 billion, and local governments got N134.93 billion.

It was disclosed that the sum of N29.89 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 N3.78 billion, N14.58 billion and N1.78 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 N248.49 billion was disbursed to the FGN consolidated revenue account; N5.22 billion shared as share of derivation and ecology; N2.61 billion as stabilization fund; N8.77 billion for the development of natural resources; and N5.96 billion to the Federal Capital Territory (FCT) Abuja.