The National Bureau of Statistics (NBS) has released the Federation Account Allocation Committee (FAAC) report. According to the information obtained from NBS website, the sum of N668.90bn was disbursed to the three tiers of government in June 2018 from the revenue generated in May 2018.
The amount disbursed comprised N575.48bn from the Statutory Account and N93.42bn from Valued Added Tax (VAT).
Federal government received a total of N282.22bn from the N668.90bn. States received a total of N181.17bn and Local governments received N136.49bn. The sum of N53.07bn 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 N4.63bn, N7.40bn and N3.92bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N240.85bn was disbursed to the FGN consolidated revenue account; N5.10bn shared as share of derivation and ecology; N2.55bn as stabilization fund; N8.57bn for the development of natural resources; and N5.96bn to the Federal Capital Territory (FCT) Abuja.
Amaka E. Nliam