FAAC Disburses N637.70bn in September 2017 – NBS


The Federation Account Allocation Committee (FAAC) disbursed the sum of N637.70bn to the three tiers of government in September 2017 from the revenue generated in August 2017.

The amount disbursed comprised of N550.99bn from the Statutory Account and  N86.71bn from Valued Added Tax (VAT). No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.

Federal government received a total of N273.09bn from the N637.70bn shared. States received a total of N173.81bn and Local governments received N131.04bn. The sum of N41.97bn 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 N4.59bn, N9.60bn and N1.58bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N235.80bn was disbursed to the FGN consolidated revenue account; N4.95bn shared as share of derivation and ecology; N2.47bn as stabilization fund; N8.31bn for the development of natural resources; and N5.74bn to the Federal Capital Territory (FCT) Abuja.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).


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