FAAC disburses N426.88bn to three tiers of government in December – NBS

The National Bureau of Statistic (NBS) has said the Federation Account Allocation Committee (FAAC) disbursed the sum of N426.88 billion to the three tiers of government in December 2016 from the revenue generated in November.

Breaking down the disbursement, the bureau in its December report disclosed that the amount disbursed comprised of N240.12 billionn from the Statutory Account; N38.85 billion from exchange gain; N66 billion from Excess Petroleum Product Tax (PPT) Account.

Breakdown by NBS revealed that “N75.58 billion from Valued Added Tax (VAT) while the sum of N6.33 billion was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC). Federal government received a total of N163.59 billion from the N426.88billion shared.”

The 36 states of the federation received a total of N110.53 billion and local governments received N82.64 billion.

According to NBS report, “the sum of N26.42billion was shared among the oil producing states as 13 per cent derivation fund and N33.67 billion transferred to the Excess Petroleum Product Tax (PPT) Account.

Revenue generating agencies, Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.54 billion, N5.28 billion and N1.21 billion respectively as cost of revenue collection.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N141.64 billion was disbursed to the Federal Government consolidated revenue account; N2.89 billion shared as share of derivation and ecology; N1.45 billion as stabilization fund; N4.87b illion for the development of natural resources; and N3.59 billion to the Federal Capital Territory (FCT) Abuja.