Tuesday, January 31, 2016/ 9.25 AM / NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N426.88bn to the three tiers of government in December 2016 from the revenue generated in November.
The amount disbursed comprised of N240.12bn from the Statutory Account; N38.85bn from exchange gain; N66bn from Excess Petroleum Product Tax (PPT) Account; N75.58bn from Valued Added Tax (VAT) while the sum of N6.33bn was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).
Federal government received a total of N163.59bn from the N426.88bn shared. States received a total of N110.53bn and Local governments received N82.64bn. The sum of N26.42bn was shared among the oil producing states as 13% derivation fund and N33.67bn transferred to the Excess Petroleum Product Tax (PPT) Account.
Revenue generating agencies, Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.54bn, N5.28bn and N1.21bn respectively as cost of revenue collection.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N141.64bn was disbursed to the FGN consolidated revenue account; N2.89bn shared as share of derivation and ecology; N1.45bn as stabilization fund; N4.87bn for the development of natural resources; and N3.59bn to the Federal Capital Territory (FCT) Abuja.
Click Here to Download FAAC December 2016 Disbursements (PDF) Report
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