By Cecilia Ologunagba
Abuja – The Federation Account Allocation Committee (FAAC) disbursed the sum of N270.81 billion to the Federal Government in March, the National Bureau of Statistics (NBS) has disclosed.
The News Agency of Nigeria (NAN) reports that NBS posted the FAAC March 2018 Disbursement statistics on its website.
According to the bureau, the states received a total of N173.76 billion, while local governments received N130.91 billion.
It stated that the sum of N647.39 billion was disbursed to the three tiers of government during the month under review.
According to the report, the amount disbursed comprised N557.29 billion from the Statutory Account, N89.45 billion from Valued Added Tax (VAT) and N654.49 million excess bank charges.
The report, however, stated that the sum of N57.49 billion was shared by the oil producing states as 13 per cent derivation fund.
It said that revenue generating agencies such as the Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and the Department of Petroleum Resources (DPR) received N3.82 billion, N5.64 billion and N2.97 billion respectively as cost of revenue collections.
It further said that the breakdown of revenue allocation distribution to the Federal Government indicated that the sum of N230.33 billion was disbursed to the Federal Government consolidated revenue account.
In addition, it noted that N4.89 billion was shared for derivation and ecology, N2.45 billion as stabilisation fund, N8.23 billion for the development of natural resources and N5.72 billion to the FCT. (NAN)