OpeOluwani Akintayo
26 April 2018, Sweetcrude, Lagos – The Federation Account Allocation Committee, FAAC, allocated the sum of N2.97 billion to the Department of Petroleum Resources, DPR, as cost of revenue collections in March, data from the National Bureau of Statistics, NBS, shows.
In the same month, FACC disbursed the sum of N647.39bn to the three tiers of government 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.
The federal government received a total of N270.81bn from the N647.39bn shared.
States received N173.76bn and local governments, N130.91bn.
The sum of N57.49bn was shared among the oil producing states as 13% derivation fund.
Revenue generating agencies – the Nigeria Customs Service, NCS; Federal Inland Revenue Service, FIRS; and the DPR – received N3.82bn, N5.64bn and N2.97bn respectively as cost of revenue collections, NBS said.
A further breakdown of revenue allocated to the federal government revealed that N230.33bn was disbursed to the federal government’s consolidated revenue account; N4.89bn shared as share of derivation and ecology; N2.45bn as stabilisation fund; N8.23bn for the development of natural resources; and N5.72bn to the Federal Capital Territory, FCT, Abuja.
