Revenue generating agencies share N17.34bn from FAAC in May – NBS

Three major revenue generating agencies of the Federal Government, the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N17.34 billion as cost of revenue collections for April.

The National Bureau of Statistics (NBS) made this known in its Federation Account Allocation Committee, FAAC’s May 2018 Disbursement Statistics’ posted on its website.

A breakdown of the amount shows that of the amount, the Nigeria Customs Service (NCS) received N4.61 billion, Federal Inland Revenue Service (FIRS) received N8.67 billion, while Department of Petroleum Resources (DPR) and Department of Petroleum Resources (DPR ) had N4.06 billion in the month under review as cost of revenue collection.

The report shows that the FAAC disbursed the sum of N701.02 billion to the three tiers of government in the same month from the revenue generated in April 2018.

According to the NBS, the amount disbursed comprised of N612.64 billion from the Statutory Account, N87.97 billion from Valued Added Tax (VAT) and N418.88 million being excess bank charges recovered.

Federal Government received a total of N289.04 billion from the N701.02 billion.

The states received a total of N181.96 billion while local governments received N137.33 billion.

The sum of N49.76 billion was shared among the oil producing states as the 13 per cent derivation fund.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N247.12 billion was disbursed to the FGN consolidated revenue account; N5.25 billion shared as share of derivation and ecology; N2.62 billion as stabilization fund; N8.82 billion for the development of natural resources; and N6.05 billion to the Federal Capital Territory (FCT) Abuja.