January 22, 2019/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N2.38trn to the Federal Government of Nigeria in 2017 while states received a total of N11.81trn within the period under review.
The amount disbursed to the FGN comprised of N2.12trn as Gross Statutory Allocation, N139.39bn as Valued Added Tax (VAT), N32.74bn as NNPC refund to FG and the distribution of N24.24bn from the FOREX equalisation fund.
Similarly, the amount disbursed to the States comprised of N10.74trn as Gross Statutory Account, N474.44bn as Valued Added Tax (VAT), N32.74bn as NNPC refund to FG, N112.40bn as Exchange Gain distribution, N76.99bn as Excess PPT Savings Accounts, N261.62bn as Excess Bank Charges and the distribution of N17.55bn from the FOREX equalisation fund.
Akwa Ibom and Rivers States received the highest allocation of N1.19trn and N868.83bn respectively in 2017 while Osun and Kwara States received the least allocation of N188.19bn and N195.59bn in that order.
