FAAC Disburses N514.15bn in February 2017


Friday, March 20, 2017 3:40 PM/NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N514.15bn to the three tiers of government in February 2017 from the revenue generated in January 2017.

The amount disbursed comprised of N325.08bn from the Statutory Account; N48.37bn from exchange gain; N60.85bn from Excess Petroleum Product Tax (PPT) Account; N73.52bn 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 N200.59bn from the N514.15bn shared. States received a total of N128.45bn and Local governments received N96.52bn. The sum of N34.11bn was shared among the oil producing states as 13% derivation fund and N42.58bn 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 N3.59bn, N5.99bn and N2.31bn respectively as cost of revenue collection.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N169.24bn was disbursed to the FGN consolidated revenue account; N3.61bn shared as share of derivation and ecology; N1.80bn as stabilization fund; N6.06bn for the development of natural resources; and N4.27bn to the Federal Capital Territory (FCT) Abuja.

Click Here to Download February 2017 FAAC (PDF) Report

Latest 2017 NBS Reports
1.       FAAC Disburses N430.16bn in January 2017
2.      Average Intercity Transport Fare Decreases to N1,411.87 in Feb’17 from N1430.63 in Jan’17
3.      Average Price of 1kg of Rice Increased by 68% YoY in February 2017
4.      Average Prices of PMS, AGO, HHK and Cooking Gas Price Watch - February 2017
5.      CPI Drops to 17.78% in February 2017, 0.94% Lower Than 18.72% January Rate
6.      Nigeria Produced 43.49m Tons of Solid Minerals in 2016 - NBS
7.      NIPOST Generates N8.84bn Revenue in 2016 - NBS
8.     Q4 2016 Merchandise Trade Intensity - Total Trade Grows by 6.5% in 2016
9.      Merchandise Trade Grows in Q4 2016 - Records First Quarterly Positive Trade Balance Since Q4 2015
10.  JAMB Received 11.7m Applications Between 2010 and 2016
11.   Average Kerosene Price Increases to N433.84 in Jan'17 from N231.85 in Dec'16
12.  Average Intracity Transport Fare Increases to N122 in Jan'17 from N84.29 in Dec'16
13.  Average Cooking Gas Price Increases to N2,567.56 in Jan’17 from N2,002.16 in Dec’16
14.  Average Diesel Price Increases to N240.52 in Jan’17 from N196.20 in Dec’16
15.   Average Petrol Price Increases to N148.7 in Jan'17 from N146.7 in Dec'16
16.  CPI Rises to 18.72% in January 2017, 0.17% Higher Than 18.55% December 2016 Rate
17.   GENCOs Issued Total Invoice of N331bn to DISCOs in 2016
18.  Nigeria Produced 5.79 mln Tonnes of Fish Between 2010 and 2015
19.  4,296 Applications Were Received by NAFDAC for New Products Registration in 2016 - NBS
20. 19,833 Vessels Berthed At Nigerian Ports Between 2013 and 2016 - NBS
21.  Total Value of Capital Imported into Nigeria in Q4 2016 Estimated at $1,548.88mln - NBS
22. Telecoms Sector Contributes N1,399bn to GDP in Q3 2016 - NBS
23. FAAC Disburses N426.88bn in December 2016 - NBS
24. Banking Sector Records 910.18m Volume of Transaction in 2016 on Electronic Payment Channels - NBS
25.  Daily Energy Generation Attained a Peak of 3,859.59MW in Q4 2016 - NBS
26. 10.8% of Nigeria's Total Working Population Are Registered Under The National Pension Scheme - NBS
27.  Nigeria Imports 4.83 bn Litres of PMS in Q4 2016 - NBS
28. 72.53% of Nigeria’s Prison Population in 2015 were Un-sentenced - NBS
29. Lagos, Ogun Top IGR for H1 2016 

Related News