November 26, 2018/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N741.84bn to the three tiers of government in September 2018 from the revenue generated in August 2018.
The amount disbursed comprised of N627.14bn from the Statutory Account, N114.54bn from Valued Added Tax (VAT) and N162.08bn exchange gain difference.
Federal government received a total of N291.46bn from the N741.84bn. States received a total of N194.45bn and Local governments received N146.01bn. The sum of N53.05bn was shared among the oil producing states as 13% derivation fund while N40.00bn was transferred to Excess crude Account(ECA).
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.24bn, N8.29bn and N3.34bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N236.19bn was disbursed to the FGN consolidated revenue account; N5.22bn shared as share of derivation and ecology; N2.61bn as stabilization fund; N8.77bn for the development of natural resources; and N6.28bn to the Federal Capital Territory (FCT) Abuja.
