FAAC Disburses N6769.9bn to FG, States, LGs- NBS

The National Bureau of Statistics (NBS) has said Federation Account Allocation Committee (FAAC) disbursed the sum of N679.7billion to the three tiers of government in June 2019 from the revenue generated in May 2019.

The report by NBS on Thursday noted that the amount disbursed comprised of N571.73billion from the Statutory Account, N106.83billion from Valued Added Tax (VAT) and N1.41billion exchange gain differences.

According to the NBS report, the federal government received a total of N284.16billion from the N679.70billion.

The report stated that States received a total of N187.61billion and Local Governments received N140.10billion.

“The sum of N40.44billion was shared among the oil-producing states as 13per cent derivation fund. Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.55billion, N11.03billion and N5.92billion respectively as cost of revenue collections.

“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N227.44billion was disbursed to the FGN consolidated revenue account; N5.10billion shared as share of derivation and ecology; N2.55billion as stabilization fund; N8.57billion for the development of natural resources; and N6.09billion to the Federal Capital Territory (FCT) Abuja,” the report added.

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