FAAC disbursed N741.84bn to FG, states, LGs in Sept 2018-NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N741.84bn to the three tiers of government in September 2018 from the revenue generated in August 2018.

According to the National Bureau of Statistics (NBS) in theFederation Account Allocation Committee September 2018 Disbursement posted on its website, the amount disbursed comprised of N627.14bn from the Statutory Account, N114.54bn from Valued Added Tax (VAT) and N162.08bn exchange gain difference.

The federal government received a total of N291.46bn from the N741.84bn. States got N194.45bn and Local Governments took home the sum of N146.01bn.

The sum of N53.05bn was shared among the oil producing states as 13% derivation fund while N40.00bn was transferred to Excess crude Account (ECA), the report said.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.24bn, N8.29bn and N3.34bn respectively as cost of revenue collections. 


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