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FAAC disburses N821.86bn to FG, states, LGs

The Federation Account Allocation Committee (FAAC) disbursed the sum of N821.86bn to the three tiers of government in July 2018 from the revenue generated in June 2018.

The amount disbursed comprised of N687.35bn from the Statutory Account, N85.34bn from Valued Added Tax (VAT) and N7.32bn excess bank charges.

Federal government received a total of N315.01bn from the N821.86bn. States received a total of N194.51bn and Local governments received N147.05bn. The sum of N42.85bn was shared among the oil producing states as 13% derivation fund while N100.00bn was transferred to Excess crude Account(ECA).

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.82bn, N12.21bn and N5.42bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N271.02bn was disbursed to the FGN consolidated revenue account; N5.75bn shared as share of derivation and ecology; N2.87bn as stabilization fund; N9.65bn for the development of natural resources; and N6.53bn to the Federal Capital Territory (FCT) Abuja.