FAAC Disburses N462.36bn in June 2017 – NBS

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The Federation Account Allocation Committee (FAAC) disbursed the sum of N462.36bn to the three tiers of government in June 2017 from the revenue generated in May 2017.

The amount disbursed comprised of N317.56bn from the Statutory Account; N64.81bn from exchange gain; N79.99bn 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 N189.94bn from the N462.36bn shared. States received a total of N128.89bn and Local governments received N96.65bn. The sum of N26.96bn 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 N3.67bn, N7.76bn and N2.24bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N159.45bn was disbursed to the FGN consolidated revenue account; N3.39bn shared as share of derivation and ecology; N1.69bn as stabilization fund; N5.69bn for the development of natural resources; and N4.11bn 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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