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FAAC: FG, States, LGs Share N558.08b in October

By Modupe Gbadeyanka

A total of N558.08 billion was shared in October to Federal, States and Local Governments of the federation by the Federation Account Allocation Committee (FAAC).

The amount was disbursed to the three tiers of government from the revenue generated in September 2017.

According to the National Bureau of Statistics (NBS), the amount disbursed comprised of N423.96 billion from the Statutory Account and N83.32 billion from Valued Added Tax (VAT).

The stats office said no allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and N50.81 billion shared from the FOREX Equalisation Account.

A breakdown of the amount shared showed that federal government received a total of N234.29 billion from the N558.08 billion shared.

States received a total of N152.74 billion and local governments received N114.92 billion. The sum of N40.22 billion was shared among the oil producing states as 13 percent derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.04 billion, N6.67 billion and N3.21 billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N200.07 billion was disbursed to the FGN consolidated revenue account; N4.22 billion shared as share of derivation and ecology; N2.11 billion as stabilization fund; N7.09 billion for the development of natural resources; and N4.98 billion to the Federal Capital Territory (FCT) Abuja.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.