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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