Moses Ofodeme
The Federation Account Allocation Committee (FAAC), has confirmed the disbursement of N780 billion to Federal, States and Local Government Areas in April.
In March FAAC disbursed N780.927 to the three tiers of government.
The Nigerian Bureau of Statistics said on Tuesday in its “FAAC Disbursement Report for April”, that the amount disbursed comprised of N478.18bn from the Statutory Account, N119.50bn was disbursed from Excess Oil
Revenue, N120.27 billion from Valued Added Tax (VAT) and N62.98 billion from Exchange Gain Differences.
According to the report, the Federal Government received a total of N264.33 billion from the N780.93 billion. States received a total of N181.49 billion and Local Governments received N135.95 billion, while the sum of N54.29 billion was shared among the oil producing states as 13 per cent derivation fund.
“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.09bn, N10.20bn and N5.74bn respectively as cost of revenue collections,” NBS said.
The report added that the, “Sum of N202.94 billion was disbursed to the Federal Government consolidated revenue account; N4.70 billion shared as share of derivation and ecology; N2.35 billion as stabilization fund; N7.89 billionn for the development of natural resources; and N5.78 billion to the Federal Capital Territory (FCT) Abuja.”