Economy

FAAC Disburses N701.02 Billion in May 2018 – NBS

PRESS RELEASE—-The Federation Account Allocation Committee (FAAC) disbursed the sum of N701.02bn to the three tiers of government in May 2018 from the revenue generated in April 2018.

The amount disbursed comprised of N612.64bn from the Statutory Account, N87.97bn from Valued Added Tax (VAT) and N418.88m being excess bank charges recovered.

Federal government received a total of N289.04bn from the N701.02bn. States received a total of N181.96bn and Local governments received N137.33bn. The sum of N49.76bn 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 N4.61bn, N8.67bn and N4.06bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N247.12bn was disbursed to the FGN consolidated revenue account; N5.25bn shared as share of derivation and ecology; N2.62bn as stabilization fund; N8.82bn for the development of natural resources; and N6.05bn to the Federal Capital Territory (FCT) Abuja.

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