FG receives N263.28bn from FAAC allocation in Feb – NBS

The National Bureau of Statistics (NBS), says the Federal Government received a total of N263.28 billion from the N635.55 billion Federation Account Allocation Committee (FAAC) disbursed to three tiers of government in February.

The NBS made this known in FAAC for February 2018 Disbursement data posted on the bureau’s website.

The states received a total of N172.87 billion and Local governments received N129.99 billion.

The bureau, however, stated that the amount disbursed to three tiers of government was from the revenue generated in January.

According to NBS, the amount disbursed comprised of N538.91 billion from the Statutory Account and N96.65 billion from Valued Added Tax (VAT).

“The sum of N52.04 billion was shared among the oil producing states as 13 per cent derivation fund.

“The revenue generating agencies such as Nigeria Customs Service, Federal Inland Revenue Service and Department of Petroleum Resources received N4.08 billion, N6.29 billion and N4.47 billion respectively as cost of revenue collections.”

Meanwhile, the breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that N223.42 billion was disbursed to the FGN consolidated revenue account in the month.

It showed N4.73 billion as share of derivation and ecology, and N2.37 billon as stabilisation fund.

The breakdown further showed that N7.95 billion was shared for the development of natural resources and N5.62 billion to the Federal Capital Territory (FCT), Abuja.