In January, FAAC Disbursed N270bn To FG – NBS

The National Bureau of Statistics says the Federation Account Allocation Committee disbursed the sum of N270bn to the Federal Government in January 2019.

The bureau said this in FAAC January 2019 disbursement statistics posted on its website.

According to the information on the website, the states received a total of N178.04bn while local governments received N133.83bn.

The sum of N649.19bn was disbursed to the three tiers of government in January 2019 from the revenue generated in December 2018 the News Agency of Nigeria had reported.

The report said that the amount disbursed comprised N547.46bn from the Statutory Account, N100.76bn from Valued Added Tax and N976.53m on exchange gain differences.

Besides, the sum of N45.36bn was shared among the oil producing states as 13 per cent derivation fund.

Revenue generating agencies such as Nigeria Customs Service, Federal Inland Revenue Service and Department of Petroleum Resources were said to have received N4.69bn, N4.04bn and N8.04bn respectively, as the cost of revenue collections.

A further breakdown of the revenue allocation distribution to the Federal Government revealed that the sum of N216.57bn was disbursed to the Federal Government consolidated revenue account.

In addition, the sum of N4.81bn was disbursed as the share of derivation and ecology and N2.43bn as stabilisation fund.

Also, the sum of N8.15bn was shared for the development of natural resources and N5.82bn to the Federal Capital Territory, Abuja.

The Nigerian government operates a financial structure where funds flow to the three systems of government from what is termed the Federation Account.