FAAC Shares N701b to FG, States, LGs for May 2018
By Modupe Gbadeyanka
The sum of N701.02 billion was disbursed to the three tiers of government in May 2018 from the revenue generated in April 2018.
Data released by the National Bureau of Statistics (NBS) disclosed that the amount was shared by Federation Account Allocation Committee (FAAC) to the federal, states and local governments of the federation.
The report, obtained by Business Post, stated that the amount disbursed comprises N612.64 billion from the Statutory Account, N87.97 billion from Valued Added Tax (VAT) and N418.88 million being excess bank charges recovered.
It said federal government received a total of N289.04 billion from the N701.02 billion, the 36 states got a total of N181.96 billion, while the 774 local governments shared N137.33 billion.
The NBS said the sum of N49.76 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 N4.61 billion, N8.67 billion and N4.06 billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the federal government revealed that the sum of N247.12 billion was disbursed to the FGN consolidated revenue account; N5.25 billion shared as share of derivation and ecology; N2.62 billion as stabilization fund; N8.82 billion for the development of natural resources; and N6.05 billion to the Federal Capital Territory (FCT) Abuja.