FAAC Disburses N609.96bn in December 2017 – NBS

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The Federation Account Allocation Committee (FAAC) disbursed the sum of N609.96bn to the three tiers of government in December 2017 from the revenue generated in November 2017.

The amount disbursed comprised of N529.53bn from the Statutory Account and N80.43bn from Valued Added Tax (VAT).

Federal government received a total of N259.81bn from the N609.96bn shared. States received a total of N164.51bn and Local governments received N124.09bn. The sum of N43.21bn 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 N4.74bn, N7.95bn and N3.65bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N223.56bn was disbursed to the FGN consolidated revenue account; N4.71bn shared as share of derivation and ecology; N2.36bn as stabilization fund; N7.92bn for the development of natural resources; and N5.45bn to the Federal Capital Territory (FCT) Abuja.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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