FAAC distributes N609.95bn to three tiers of govt December
- Total released for 2017: N6.2tr
The National Bureau of Statistics (NBS) on Thursday released the Federation Account Allocation Committee’s (FAAC) disbursement for December 2017, which showed that the three tiers of government received N609.96 billion for the month.
The report stated: “The Federation Account Allocation Committee disbursed the sum of N609.96billion to the three tiers of government in December 2017 from the revenue generated in November 2017.
The amount disbursed comprised of N529.53billion from the Statutory Account and N80.43billion from Valued Added Tax (VAT).
“Federal Government received a total of N259.81billion from the N609.96billion shared. States received a total of N164.51billion and Local governments received N124.09 billion.
The sum of N43.21billion was shared among the oil producing states as 13 percent derivation fund.
“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.74bilion, N7.95billion and N3.65billion respectively as cost of revenue collections.”
The report further stated:”Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that N223.56billion was disbursed to the FGNs consolidated revenue account; N4.71billion shared as share of derivation and ecology; N2.36 billion as stabilization fund; N7.92billion for the development of natural resources; and N5.45billion to the Federal Capital Territory (FCT) Abuja.”
In all, for the year 2016, the Federal Government, 36 states and the 774 local government shared N6.2 trillion as statutory allocation funds in 2017.
The Federation Account Allocation Committee (FAAC) monthly disbursement report by the National Bureau of Statistics (NBS) revealed that the Federal Government received the largest share N2.6 trillion or 41.9 percent while the 36 states received N1.7 trillion or 27.4 percent while the 774 local government received N1.2 trillion or 19.4 percent.
The three tiers of government received the highest allocation of N652 billion in July, while the lowest allocation of N418.82 billion was received in May.
