MON, DECEMBER 31 2018-theG&BJournal- The Federation Account Allocation Committee (FAAC) disbursed the sum of N788.14bn to the three tiers of government in November 2018 from the revenue generated in October 2018, according the National Bureau of Statistics.
The amount disbursed comprised of N682.16bn from the Statutory Account, N105.17bn from Valued Added Tax (VAT) and N806.39bn exchange gain allocation.
Federal government received a total of N299.19bn from the N788.14bn. States received a total of N194.92bn and Local governments received N146.69bn. The sum of N58.19bn was shared among the oil producing states as 13% derivation fund while N70.00bn 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 N4.99bn, N7.59bn and N5.82bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N243.96bn was disbursed to the FGN consolidated revenue account; N5.41bn shared as share of derivation and ecology; N2.70bn as stabilization fund; N9.08bn for the development of natural resources; and N6.38bn to the Federal Capital Territory (FCT) Abuja.
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