FAAC Disburses N740.87bn in September – NBS

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NBS

By Kayode Tokede

The National Bureau of Statistics (NBS) has said the Federation Account Allocation Committee (FAAC) disbursed the sum of N740.87billion to the three tiers of government in September 2019 from the revenue generated in August 2019.

According to the bureau report, the amount disbursed comprised of N610.04billion from the Statutory Account, N20 billion from foreign exchange equalisation account, N1.754billion from excess bank charges recovered for the month, N88.08billion from Valued Added Tax (VAT) and N1billion exchange gain differences.

The report noted that the federal government for September received a total of N310.97billion from the N740.87billion.

According to the report, States received a total of N193.57billion and Local Governments received N146.23billion.

“The sum of N48.74billion was shared among the oil producing states as 13per cent derivation fund,” the NBS report released during the weekend explained.

The report explained further that revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.34billion, N10.99billion and N3.644billion respectively as cost of revenue collections.

“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N242.01billion was disbursed to the FGN consolidated revenue account; N5.66billion shared as share of derivation and ecology; N2.83billion as stabilization fund; N9.51billion for the development of natural resources; and N6.47billion to the Federal Capital Territory (FCT) Abuja,” the report added.

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