FG receives ₦263.28 billion from FAAC allocation in Feb – NBS
The National Bureau of Statistics (NBS), says the Federal Government received a total of ₦263. 28 billion from the ₦635.55 billion Federation Account Allocation Committee (FAAC) disbursed to three tiers of government in February.
The NBS made this known in FAAC for February 2018 Disbursement data posted on the bureau’s website.
The states received a total of ₦172.87 billion and Local governments received ₦129.99 billion.
The bureau, however, stated that the amount disbursed to three tiers of government was from the revenue generated in January.
According to NBS, the amount disbursed comprised of ₦538.91 billion from the Statutory Account and ₦96.65 billion from Valued Added Tax (VAT).
“The sum of ₦52.04 billion was shared among the oil producing states as 13 per cent derivation fund.
“The revenue generating agencies such as Nigeria Customs Service, Federal Inland Revenue Service and Department of Petroleum Resources received ₦4.08 billion, ₦6.29 billion and ₦4.47 billion respectively as cost of revenue collections.”
Meanwhile, the breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that ₦223.42 billion was disbursed to the FGN consolidated revenue account in the month.
It showed ₦4.73 billion as share of derivation and ecology, and ₦2.37 billion as stabilisation fund.
The breakdown further showed that ₦7.95 billion was shared for the development of natural resources and ₦5.62 billion to the Federal Capital Territory (FCT), Abuja.
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