Nigeria: FAAC Releases N418.82bn In May 2017 – NBS

Yemisi Izuora

The Federation Account Allocation Committee (FAAC) released the sum of N418.82bn to the three tiers of government in May 2017 from the revenue generated in April 2017.

The amount disbursed comprised of N275.20bn from the Statutory Account; N38.52bn from exchange gain; N20.42bn from Excess Petroleum Product Tax (PPT) Account; N84.67bn from Valued Added Tax (VAT) while no allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).

The federal government received a total of N163.89bn from the N418.82bn shared. States received a total of N117.59bn and Local governments received N87.77bn. The sum of N29.94bn was shared among the oil producing states as 13% derivation fund and N3.09bn transferred to the Excess Petroleum Product Tax (PPT) Account.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.01bn, N5.39bn and N1.44bn 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 N135.49bn was disbursed to the FGN consolidated revenue account; N2.88bn shared as share of derivation and ecology; N1.44bn as stabilization fund; N4.84bn for the development of natural resources; and N3.65bn to the Federal Capital Territory (FCT) Abuja.

Add Comment