MON, APRIL 15 2019-theG&BJournal- The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.86bn to the three tiers of government in March 2019 from the revenue generated in February 2019, according to data released weekend by National Bureau of Statistics (NBS).
The amount disbursed comprised of N474.42bn from the Statutory Account, N96.39bn from Valued Added Tax (VAT), N4.02bn as excess bank charges recovered, N44.17bn distributed as FOREX Equalisation Fund and N858.46mln exchange gain differences.
Federal Government received a total of N257.68bn from the N619.85bn. States received a total of N169.93bn and Local Governments received N127.72bn. The sum of N50.95bn 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 N3.91bn, N6.49bn and N3.19bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N203.04bn was disbursed to the FGN consolidated revenue account; N4.63bn shared as share of derivation and ecology; N2.31bn as stabilization fund; N7.77bn for the development of natural resources; and N5.52bn to the Federal Capital Territory (FCT) Abuja.