FAAC disburses N430.2bn in January

The National Bureau of Statistics (NBS) has said that the Federation Account Allocation Committee (FAAC) disbursed N430.16 billion to the three tiers of government in January from the revenue generated in December 2016.
The report by NBS said the amount disbursed comprises of N248.72 billion from the Statutory Account; N52.85billion from exchange gain; N42.99 billion from Excess Petroleum Product Tax (PPT) Account.
Others are N79.27 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).
According to NBS report, Federal Government received a total of N168.03 billion from the N430.16 billion shared.
States, according to the bureau, received a total of N114.28 billion and local governments received N85.40 billion.
“The sum of N26.83 billion was shared among the oil producing states as 13 per cent derivation fund and N23.83billion transferred to the Excess Petroleum Product Tax (PPT) Account.
“The FAAC Revenue generating agencies, Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.56 billion, N5.60 billion and N2.55 billion respectively as cost of revenue collection.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that N145.72 billion was disbursed to the FGN consolidated revenue account; N2.97 billion shared as share of derivation and ecology; N1.49 billion as stabilization fund; N4.99 billion for the development of natural resources; and N3.69 billion to the Federal Capital Territory (FCT) Abuja,” the NBS report on FAAC added.