By Modupe Gbadeyanka
The sum of N668.9 billion was shared among the three tiers of government in Nigeria in the month June 2018.
This was from the revenue generated by the Africa’s largest economy in the month of May 2018.
According to the National Bureau of Statistics (NBS), the money was shared to the three beneficiaries by the Federation Account Allocation Committee (FAAC), which is saddled with such responsibility.
The stats office disclosed that the amount disbursed comprised N575.48 billion from the Statutory Account and N93.42 billion from Valued Added Tax (VAT).
It said further that federal government received a total of N282.22 billion from the N668.9 billion, while the 36 state governments received a total of N181.17 billion.
Furthermore, the 774 approved local governments of the federation were give N136.49 billion from the amount.
Also, the sum of N53.07 billion was taken from the money and shared among the oil producing states as 13 percent derivation fund.
NBS said revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.63 billion, N7.40 billion and N3.92 billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the federal government indicated that the sum of N240.85 billion was disbursed to the FGN consolidated revenue account; N5.10 billion shared as share of derivation and ecology; N2.55 billion as stabilization fund; N8.57 billion for the development of natural resources; and N5.96 billion to the Federal Capital Territory (FCT) Abuja.
