Wednesday, 10 July 2019

Local Governments Received N126.28bn From FAAC Allocation In May 2019 – NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N616.20bn to the three tiers of government in May 2019 from the revenue generated in April 2019.

The amount disbursed comprised of N518.92bn from the Statutory Account, N96.49bn from Valued Added Tax (VAT) and N797.11mln exchange gain differences.

Federal Government received a total of N253.92bn from the N616.20bn. States received a total of N168.06bn and Local Governments received N126.28bn. The sum of N46.35bn was shared among the oil-producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.38bn, N6.78bn and N3.12bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N199.58bn was disbursed to the FGN consolidated revenue account; N4.56bn shared as share of derivation and ecology; N2.28bn as stabilization fund; N7.65bn for the development of natural resources; and N5.44bn to the Federal Capital Territory (FCT) Abuja.

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