FAAC disbursed N714.8bn to FG, States, LGs in August – NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N714.81 billion to the three tiers of government in August 2018 from the revenue generated in July 2018.
The NBS in its FAAC August 2018 disbursement report stated that the amount disbursed comprised of N597.97 billion from the Statutory Account, N79.81 billion from Valued Added Tax (VAT), N12 billion additional distribution funds from NNPC and N25.03 billiion FOREX distribution.
Federal government received a total of N298.29 billion from the N714.81 billion, States received a total of N183.77 billion and Local governments received N138.96 billion.
The sum of N49.78bn was shared among the oil producing states as 13 per cent derivation fund while N25.00 billion was transferred to Excess crude Account (ECA).
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.42 billion, N9.32 billion and N5.27 billion respectively as cost of revenue collections Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N242.42 billion was disbursed to the FGN consolidated revenue account.
The sum of N5.44 billion was shared as share of derivation and ecology; N2.72 billion as stabilization fund; N9.15 billion for the development of natural resources; and N6.17 billion to the Federal Capital Territory (FCT) Abuja