By Olamilekan FAWAZ
The Federation Account Allocation Committee (FAAC) has disbursed the sum of N821.86 billion to the three tiers of government in July, from the revenue generated in June 2018.
According to the National Bureau of Statistics (NBS), the amount disbursed comprised N687.35 billion from the Statutory Account, N85.34 billion from Valued Added Tax (VAT) and N7.32 billion excess bank charges.
The NBS said the Federal Government received a total of N315.01billion from the N821.86billion; States, N194.51billion and Local Governments, N147.05bn. The sum of N42.85bn was shared among the oil producing states as 13 per cent derivation fund while N100.00billion was transferred to Excess crude Account (ECA).
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.82billion, N12.21billion and N5.42billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N271.02billion was disbursed to the FGN consolidated revenue account; N5.75billion shared as share of derivation and ecology; N2.87billion as stabilization fund; N9.65billion for the development of natural resources; and N6.53billion to the Federal Capital Territory (FCT) Abuja.
