Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Federation Account Allocation Committee disburses N701bn in May

    Federation Account Allocation Committee disburses N701bn in May

    June 25, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Central Bank of Nigeria, Central Business District, Garki, Abuja.

    OpeOluwani Akintayo

    25 May 2018, Sweetcrude, Lagos — Nigeria’s Federation Account Allocation Committee, FAAC disbursed the sum of N701.02bn to the three tiers of government in May 2018.

    In a newly released statistics by the National Bureau of Statistics, NBS, the fund was from the revenue generated in April 2018.

    The amount disbursed comprised of N612.64bn from the Statutory Account, N87.97bn from Valued Added Tax, VAT and N418.88m being excess bank charges recovered.

    The federal government received a total of N289.04bn from the N701.02bn. States received a total of N181.96bn and Local governments received N137.33bn.

    The sum of N49.76bn 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 N4.61bn, N8.67bn, and N4.06bn respectively as the cost of revenue collections.

    A further breakdown of revenue allocation distribution to the federal government revealed that the sum of N247.12bn was disbursed to the FGN consolidated revenue account; N5.25bn shared as the share of derivation and ecology; N2.62bn as stabilisation fund; N8.82bn for the development of natural resources; and N6.05bn to the Federal Capital Territory, FCT Abuja.

    Related News

    ‘Cross-border financial crimes draining billions from West, Central Africa’ 

    Afreximbank launches 2025 Report on African trade

    Ghana approves $2.8bn debt relief deal with creditor nations

    E-book
    Resilience Exhibition

    Latest News

    NNPC raises alarm over sabotage campaign targeting leadership, reforms

    June 27, 2025

    WTO hails Nigeria Customs as continental model for trade facilitation

    June 27, 2025

    Renaissance Africa Energy unites 500 CEOs to advance Nigeria’s oil & gas growth

    June 27, 2025

    Customs seizes N3.6Bn illegal export in Owerri 

    June 27, 2025

    Seafarers’ Day: Minister launches NIMASA maritime labour e-platform

    June 27, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.