FG, States, LGs share N714.81bn in August


Mrs Zainab Ahmed, acting Minister of Finance.
The Federation Account Allocation Committee (FAAC) has disbursed the sum of N714.81 billion to  Federal, States and Local Governments for the month of August, 2018.
The report from the National Bureau of Statistics, NBS, revealed that the money was shared from the revenue generated in July 2018.
The amount disbursed comprised oN597.97bn from the Statutory Account, N79.81bn from Valued Added Tax (VAT), N12bn additional distribution funds from NNPC and N25.03bn FOREX distribution.
The Federal government received a total of N298.29bn from the N714.81bn.
States received a total of N183.77bn and Local governments received N138.96bn.
The sum of N49.78bn was shared among the oil producing states as 13% derivation fund while N25.00bn was transferred to Excess crude Account(ECA).
The report had it that revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.42bn, N9.32bn and N5.27bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N242.42bn was disbursed to the FGN consolidated revenue account; N5.44bn shared as share of derivation and ecology; N2.72bn as stabilization fund; N9.15bn for the development of natural resources; and N6.17bn to the Federal Capital Territory (FCT) Abuja.