Tuesday, April 25, 2017 8:25 AM/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N466.93bn to the three tiers of government in March 2017 from the revenue generated in February 2017.
The amount disbursed comprised of N290.16bn from the Statutory Account; N40.33bn from exchange gain; N60.89bn from Excess Petroleum Product Tax (PPT) Account; N69.21bn 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 N180.51bn from the N426.88bn shared. States received a total of N116.51bn and Local governments received N87.47bn. The sum of N3.80bn was shared among the oil producing states as 13% derivation fund and N31.47bn 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 N2.94bn, N4.15bn and N1.74bn respectively as cost of revenue collection.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N150.76bn was disbursed to the FGN consolidated revenue account; N3.24bn shared as share of derivation and ecology; N1.62bn as stabilization fund; N5.44bn for the development of natural resources; and N3.86bn to the Federal Capital Territory (FCT) Abuja.
Click Here to Download March 2017 FAAC (PDF) Report
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12. Average Price of 1kg of Rice Increased by 68% YoY in February 2017
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