By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Federation Account Allocation Committee (FAAC) disbursed the sum of N638.09bn to the three tiers of government in April 2018 from the revenue generated in March 2018, according to the latest report from the National Bureau of Statistics (NBS).
The NBS says the amount disbursed in the review period comprised of N480.59 billion from the Statutory Account, N62.53 billion from FOREX Equalisation , N11.27 billion from the Nigerian National Petroleum Corporation (NNPC) and N83.70 billion from Valued Added Tax (VAT).
According to the nation’s statistics office, the Federal Government (FG) received a total of N268.27 billion from the N638.09 billion shared. States received a total of N170.13 billion and Local Governments received N128.32 billion. “The sum of N55.98 billion was shared among the oil producing states as 13 percent derivation fund,” the NBS said.
The report says revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.14 billion, N5.49 billion and N3.67 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 N227.98 billion was disbursed to the FGN consolidated revenue account; N4.86 billion shared as share of derivation and ecology; N2.43 billion as stabilisation fund; N8.17 billion for the development of natural resources; and N5.63 billion to the Federal Capital Territory (FCT) Abuja.