FACC disbursed the sum of N466.93bn among the tiers of government

The Federation Account Allocation Committee (FAAC) disbursed the sum of N466.93bn to the three tiers of government in March 2017 from the revenue generated in February 2017.

This was derived from the recent report released by the National Bureau of Statistics (NBS). The report further explained that the amount disbursed comprised of N290.16bn from the Statutory Account; N40.33bn from exchange gain; N60.89bn from Excess Petroleum Product Tax (PPT) Account; N69.21bn from Valued Added Tax (VAT), while the sum of N6.33bn was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).

The report further shows that a total of N180.51bn from the N426.88bn was allocated to the Federal government, while a total of N116.51bn to states and Local governments received N87.47bn. The sum of N3.80bn was shared among the oil producing states as 13% derivation fund and N31.47bn transferred to the Excess Petroleum Product Tax (PPT) Account.

Federal Inland Revenue Service (FIRS), Revenue generating agencies, Nigeria Customs Service (NCS), and Department of Petroleum Resources (DPR) were allocated N2.94bn, N4.15bn and N1.74bn respectively as cost of revenue collection.

However, Further breakdown of revenue allocated to the Federal Government of Nigeria (FGN) revealed that the sum of N150.76bn was disbursed to the FGN consolidated revenue account with N3.24bn shared as share of derivation and ecology, N1.62bn as stabilization fund, N5.44bn for the development of natural resources and N3.86bn to the Federal Capital Territory (FCT) Abuja.

 

Onyinye Nwachukwu