Nigeria Economy | |
Nigeria Economy | |
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Thursday, March 29, 2018 /06:45
PM / NBS
The Federation Account Allocation Committee (FAAC)
disbursed the sum of N635.55bn to the three tiers of government in February
2018 from the revenue generated in January 2018.
The amount disbursed comprised of N538.91bn from
the Statutory Account and N96.65bn from Valued Added Tax (VAT).
Federal government received a total of N263.28bn
from the N635.55bn shared. States received a total of N172.87bn and Local
governments received N129.99bn. The sum of N52.04bn 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 N4.08bn, N6.29bn and N4.47bn respectively as
cost of revenue collections.
Further breakdown of revenue allocation
distribution to the Federal Government of Nigeria (FGN) revealed that the sum
of N223.42bn was disbursed to the FGN consolidated revenue account; N4.73bn
shared as share of derivation and ecology; N2.37bn as stabilization fund;
N7.95bn for the development of natural resources; and N5.62bn to the Federal
Capital Territory (FCT) Abuja.
Click
Here to Download February 2018 FAAC (PDF) Report
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