FAAC disburses N270bn to FG in January – NBS

The Federation Account Allocation Committee (FAAC), disbursed the sum of N270.17 billion to the federal government in January, 2019, the National Bureau of Statistics (NBS) has disclosed.

The NBS said this in FAAC January, 2019 Disbursement Statistics posted on its website.

The Federation Account Allocation Committee (FAAC) disbursed the sum of N649.19bn to the three tiers of government in January 2019 from the revenue generated in December 2018.

The amount disbursed comprised of N547.46bn from the Statutory Account, N100.76bn from Valued Added Tax (VAT) and N976.53mln exchange gain differences N70bn, the information obtained from the website of the National Bureau of Statistics (NBS) has shown.

Based on the NBS information, federal government received a total of N270.17bn from the N812.76bn. States received a total of N178.04bn and Local governments received N133.83bn. The sum of N45.36bn 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 N4.69bn, N4.04bn and N8.04bn respectively as cost of revenue collections.

In January, the federal government, states and local governments shared  total of N812.76 billion as revenue for the month of November.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N216.57bn was disbursed to the FGN consolidated revenue account; N4.81bn shared as share of derivation and ecology; N2.43bn as stabilization fund; N8.15bn for the development of natural resources; and N5.82bn to the Federal Capital Territory (FCT) Abuja.

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