Nigeria’s account allocation committee disburses N647.39bn in March

By Oluwaseun Afolabi

The Federation Account Allocation Committee (FAAC) disbursed the sum of N647.39bn to the three tiers of government in March 2018 from the revenue generated in February 2018.

According to the FAAC March report, the amount disbursed comprised of N557.29 billion from the Statutory Account, N89.45 billion from Valued Added Tax (VAT) and N654.49 million excess bank charges.

The federal government received a total of N270.81bn from the N647.39bn shared which represented 41.8 percent. States received 26.8 percent which amounted to N173.76bn and Local governments received N130.91bn. The sum of N57.49bn 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 N3.82bn, N5.64bn, and N2.97bn respectively as the cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N230.33bn was disbursed to the federal government’s consolidated revenue account; N4.89bn shared as a portion of derivation and ecology; N2.45bn as stabilization fund; N8.23bn for the development of natural resources; and N5.72bn to the Federal Capital Territory (FCT) Abuja.