LG, Others received N609.96bn in Dec 2017

The National Bureau of Statistics (NBS), has released the the Federation Account Allocation Committee, FAAC’s disbursement for December 2017.

The report released on Thursday indicates that the three tiers of government received N609.96 billion in December 2017.

The report reads in part: “The Federation Account Allocation Committee   disbursed the sum of N609.96billion to the three tiers of government in December 2017 from the revenue generated in November 2017.

“The amount disbursed comprised of N529.53billion from the Statutory Account and N80.43billion from Valued Added Tax (VAT).

“Federal government received a total of N259.81billion from the N609.96billion shared. States received a total of N164.51billion and Local governments received N124.09 billion.

“The sum of N43.21billion 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 N4.74bilion, N7.95billion and N3.65billion respectively as cost of revenue collections.”

The report added that: “Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N223.56billion was disbursed to the FGNs consolidated revenue account; N4.71billion shared as share of derivation and ecology; N2.36 billion as stabilization fund; N7.92billion for the development of natural resources; and N5.45billion to the Federal Capital Territory (FCT) Abuja.”