FAAC shares ₦3.5 trillion among FG, states, LGs in first-half 2018

With the distribution of ₦668.9 billion for the month of June 2018, as indicated in the report of the National Bureau of Statistics, NBS, Monday, the three tiers of Nigerian government have shared a total of ₦3.5 trillion as statutory allocations in the first half of 2018.

The Federal Government took ₦1.7 trillion representing 49 percent of the distributed funds, while the 36 states of the federation collected ₦1.1 trillion or 31.4 percent, leaving ₦795.52 billion to the 774 local governments.

On monthly basis, the highest allocation of ₦608.33 billion happened in May, while the lowest allocation of ₦566.14 billion was received in February.

The amount disbursed in June comprised of ₦575.48 billion from the Statutory Account and N93.42 billion from Valued Added Tax (VAT).

The NBS report stated: “Federal government received a total of ₦282.22 billion from the N668.90 billion. States received a total of ₦181.17 billion and Local governments received ₦136.49 billion. The sum of ₦53.07 billion 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 ₦4.63 billion, ₦7.40 billion and N3.92 billion respectively as cost of revenue collections.”

The report further stated: “The sum of ₦240.85 billion was disbursed to the FGN consolidated revenue account; ₦5.10 billion shared as share of derivation and ecology; ₦2.55 billion as stabilization fund; N8.57 billion for the development of natural resources; and ₦5.96 billion to the Federal Capital Territory (FCT) Abuja”.

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