FAAC disburses N619.86bn to FG, states, LGAs in March

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The Federation Account Allocation Committee (FAAC) has disbursed the sum of N619.86 billion to the three tiers of government in March 2019 from the revenue generated in February 2019.

According to the National Bureau of Statistics (NBS) report  released during the weekend, the amount disbursed comprised N474.42 billion from the Statutory Account, N96.39 billion from Valued Added Tax (VAT), N4.02 billion as excess bank charges recovered, N44.17 billion distributed as foreign exchange Equalisation Fund and N858.46 million exchange gain differences.

The report disclosed that the federal government received a total of N257.68 billion from the N619.85 billion. States received a total of N169.93billion and Local Governments received N127.72 billion.

“The sum of N50.95 billion was shared among the oil producing states as 13 per cent derivation fund. Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.91 billion, N6.49 billion and N3.19 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 N203.04billion was disbursed to the FGN consolidated revenue account; N4.63billion shared as share of derivation and ecology; N2.31 billion as stabilization fund; N7.77 billion for the development of natural resources; and N5.52 billion to the Federal Capital Territory (FCT) Abuja.”

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