FG, States and LGs share ₦6.2 trillion statutory allocation funds in 2017

The federal government, 36 states and the 774 local government shared ₦6.2 trillion as statutory allocation funds in 2017.

Correspondents of the Federation Account Allocation Committee (FAAC) monthly disbursement report by the National Bureau of Statistics (NBS) revealed that the Federal Government received the largest share ₦2.6 trillion or 41.9 percent while the 36 states received ₦1.7 trillion or 27.4 percent. The 774 local government received ₦1.2 trillion or 19.4 percent.

The three tiers of government received the highest allocation of ₦652 billion in July, while the lowest allocation of ₦418.82 billion was received in May.

Meanwhile, the National Bureau of Statistics (NBS), yesterday, released the FAAC’s disbursement for December 2017, which showed that the three tiers of government received ₦609.96 billion during the month.

The report stated: “The Federation Account Allocation Committee disbursed the sum of ₦609.96billion to the three tiers of government in December 2017 from the revenue generated in November 2017.

The amount disbursed comprised of ₦529.53billion from the Statutory Account and N80.43billion from Valued Added Tax (VAT).

“Federal government received a total of ₦259.81billion from the ₦609.96billion shared. States received a total of ₦164.51billion and Local governments received ₦124.09 billion. The sum of ₦43.21billion was shared among the oil producing states as 13 percent derivation fund.

“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received ₦4.74bilion, ₦7.95billion and ₦3.65billion respectively as cost of revenue collections.”

The report further stated:”Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of ₦223.56billion was disbursed to the FGNs consolidated revenue account; N4.71billion shared as share of derivation and ecology; ₦2.36 billion as stabilization fund; ₦7.92billion for the development of natural resources; and ₦5.45billion to the Federal Capital Territory (FCT) Abuja.”

FG, others get ₦533 billion statutory allocation in Nov- NBS

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