FAAC disbursed N289.04 bn to FG in May ―NBS

THE Federation Account Allocation Committee (FAAC) disbursed the sum of N289.04 billion to the Federal Government in May, the National Bureau of Statistics (NBS) has said.

The NBS disclosed this in `FAAC May 2018 Disbursement Statistics” posted on its website.

According to the bureau, the states received a total of N181.96 billion, while local governments received N137.33 billion.

It stated that the sum of N701.02 billion was disbursed to the three tiers of government during the month under review from the revenue generated in April.

According to the report, the amount disbursed comprised N612.64 billion from the Statutory Account, N87.97 billion from Valued Added Tax (VAT) and N418.88 million being excess bank charges recovered.

The report, however, said that the sum of N49.76 billion was shared among the oil producing states as 13 per cent derivation fund.

It said that revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.61 billion, N8.67 billion and N4.06 billion respectively as the cost of revenue collections.

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It further noted that the breakdown of revenue allocation distribution revealed that the sum of N247.12 billion was disbursed to the Federal Government consolidated revenue account.

In addition, it noted that N5.25 billion was shared for derivation and ecology; N2.62 billion as stabilisation fund, N8.82 billion for the development of natural resources and N6.05 billion to the FCT.