FAAC Disbursed N812.76bn in December 2018-NBS

January 18, 2019/NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N812.76bn to the three tiers of government in December 2018 from the revenue generated in November 2018.
The amount disbursed comprised of N649.63bn from the Statutory Account, N92.08bn from Valued Added Tax (VAT), N1.05bn exchange gain allocation and the distribution of N70bn from the FOREX equalisation fund.

Federal government received a total of N326.75bn from the N812.76bn. States received a total of N203.21bn and Local governments received N153.53bn. The sum of N57.09bn was shared among the oil producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.01bn, N9.65bn and N3.53bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N268.65bn was disbursed to the FGN consolidated revenue account; N5.95bn shared as share of derivation and ecology; N2.98bn as stabilization fund; N9.99bn for the development of natural resources; and N6.79bn to the Federal Capital Territory (FCT) Abuja.

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