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 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). He currently lives in Manhattan New York

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