• Tuesday, April 23, 2024
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FAAC disbursed N1.8trn to FG, States, LGs in August — NBS

15 states shed N118bn in debt as FAAC inflows rise

The Federation Account Allocation Committee (FAAC) disbursed the sum of N1.80 trillion to the three tiers of government in August 2023 from the total revenue generated in July 2023.

Read also: Rising FAAC inflow seen improving fiscal deficit

According to the National Bureau of Statistics report, this is slight decrease compared to N1.89 trillion disbursed in the previous month.

The amount disbursed comprised N1.15 trillion recorded from the Statutory Account, N56.31 billion Exchange Rate Differential, N283.91 billion from Exchange Gain, N13.37 billion from Electronic Money Transfer Levy, and N298.79 billion from Value Added Tax.

Of the total amount disbursed, the federal government received a total of N391.93 billion, state governments received N319.52 billion, and local governments received N236.23 billion.

Meanwhile, in th month of July, the federal government received a total of N345.56 billion, states governments received total of N295.95 billion, and local governments received a total of N218.06 billion.

Further breakdown of the report indicates that the sum of N56.49 billion was shared among the oil-producing states from the 13 percent derivation fund as compared to N47.48 billion shared in July.

Also the revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) received N15.51 billion, N39.53 billion, and N7.38 billion respectively, as cost of revenue collections in the period.

Read also: FAAC allocation to states up 20% in one year

The reprt showed that 18.16 billion was spent as 13 percent refund in subsidy priority project, North East Development Commission received N8.40 billion, while transfer to Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was N13.72 billion.