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.