General

How N637.70bn Sept allocation was shared

October 27, 2017 5:42 pm

MIN OF FIN AND CBN GOV POST IMF&WORLD BANK PRESS BRIEFING 5A&B, L-R;. CBN Governor, Mr Godwin Emefiele, Head of Nigerian Delegation and Minister of Finance, Mrs Kemi Adeosun and The Permanent Secretary at the Ministry of Finance, Mr Mohammed Duste during post World Bank and IMF 2017 Annual Meeting Press briefing held in Washington DC, USA. PHOTO; SUNDAY AGHAEZE. OCT 15 2017

Data made available from the National Bureau of Statistics (NBS) shows that N637.70 billion was disbursed by the federal accounts allocation committee (FAAC).

The FAAC September 2017 disbursement report was released by the bureau on Friday.

“The federation account allocation committee (FAAC) disbursed the sum of N637.70billion to the three tiers of government in September 2017 from the revenue generated in August 2017,” the report read.

“The amount disbursed comprised of N550.99 billion from the statutory account and N86.71 billion from valued added tax (VAT). No allocation was refunded to the federal government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the excess petroleum product tax (PPT) account.

“Federal government received a total of N273.09 billion from the N637.70bn shared. States received a total of N173.81 billion and local governments received N131.04 billion. The sum of N41.97 billion was shared among the oil producing states as 13% derivation fund.

“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.59 billion, N9.60 billion and N1.58 billion respectively as cost of revenue collections.

“Further breakdown of revenue allocation distribution to the federal government of Nigeria (FGN) revealed that the sum of N235.80 billion was disbursed to the FGN consolidated revenue account, N4.95 billion as share of derivation and ecology, N2.47 billion as stabilization fund, N8.31 billion for the development of natural resources and N5.74 billion to the federal capital territory (FCT) Abuja.”