FAAC Disburses N637.70bn In September- NBS

The National Bureau of Statistics (NBS) said the Federation Account Allocation Committee (FAAC) disbursed the sum of N637.70 billion to the three tiers of government in September 2017 from the revenue generated in August 2017.

According to NBS, the amount disbursed comprised of N550.99 billon
from the Statutory Account and N86.71billion from Valued Added Tax
(VAT).

The report by NBS disclosed that no allocation was refunded to the
federal government from the Nigerian National Petroleum Corporation
(NNPC) and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account.

Federal government received a total of N273.09 billion from the
N637.70 billion shared. States received a total of N173.81billion and local governments received N131.04billion. The sum of N41.97 billion 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 N4.59 billion, N9.60 billion and N1.58
billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the federal
government of Nigeria (FGN) revealed that the sum of N235.80 billion was disbursed to the FGN consolidated revenue account; N4.95 billion shared as share of derivation and ecology; N2.47 billion as
stabilisation fund; N8.31billion for the development of natural
resources; and N5.74billion to the Federal Capital Territory (FCT)
Abuja.

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