FAAC Disburses N647.39bn in March 2018 –NBS


Monday, April 23,2018/07:30 PM / NBS 

The Federation Account Allocation Committee (FAAC) disbursed the sum of N647.39bn to the three tiers of government in March 2018 from the revenue generated in February 2018. 

The amount disbursed comprised of N557.29bn from the Statutory Account, N89.45bn from Valued Added Tax (VAT) and N654.49m excess bank charges. 

Federal government received a total of N270.81bn from the N647.39bn shared. States received a total of N173.76bn and Local governments received N130.91bn. The sum of N57.49bn 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 N3.82bn, N5.64bn and N2.97bn respectively as cost of revenue collections. 

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N230.33bn was disbursed to the FGN consolidated revenue account; N4.89bn shared as share of derivation and ecology; N2.45bn as stabilization fund; N8.23bn for the development of natural resources; and N5.72bn to the Federal Capital Territory (FCT) Abuja.  

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