The Federation Account Allocation Committee (FAAC) disbursed the sum of N617.57bn to the three tiers of government in April 2019 from the revenue generated in March 2019.

The amount disbursed comprised of N446.65bn from the Statutory Account, N92.18bn from Valued Added Tax (VAT), N55bn as Good and Value Consideration, N10bn as Additional Funds From NNPC, N13.09bn distributed as FOREX Equalisation Fund and N652.55mln exchange gain differences.

Federal Government received a total of N257.76bn from the N617.57bn. States received a total of N168.25bn and Local Governments received N126.58bn. The sum of N49.82bn was shared among the oil-producing states as 13% derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.12bn, N6.15bn and N3.87bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N203.11bn was disbursed to the FGN consolidated revenue account; N4.64bn shared as share of derivation and ecology; N2.32bn as stabilization fund; N7.80bn for the development of natural resources; and N5.49 bn to the Federal Capital Territory (FCT) Abuja.

SOURCE: https://brandspurng.com/2019/05/23/local-governments-received-n126-58bn-from-faac-allocation-in-april-2019-nbs/

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