FAAC shares N1.9trn in first quarter

The Federation Account Allocation Committee (FAAC) has disbursed N1.92 trillion to Nigeria’s three tiers of government in first quarter of 2019.

The National Bureau of Statistics (NBS) said this in FACC monthly allocation for January, February and March, 2019 Disbursement statistics published on its website.

The bureau said FAAC disbursed N649.19 billion to the three tiers of government in January, 2019; N660.37 billion in February while the sum of 619.86 was distributed to the three tiers in March.

Out of the N1.92 trillion, the Federal Government got N803.18 billion in the quarter, states received N530.14 billion while the local governments received N398.43 billion.

The breakdown showed that the federal government received N270.17 billion in January, N275.33 billion in February and N257.68 billion in March.

States received N178.04 billion in January, N182.17 billion and N169.93 in March while the local governments received N133.83 billion in January, N136.88 billion and N127.72 billion in March.

In addition, the report said the amount disbursed in January comprised N547.46 billion from the Statutory Account, N100.76 billion from Valued Added Tax (VAT) and N976.53 million exchange gain differences.

The sum of N45.36 billion was shared among the oil producing states as 13 per cent derivation fund in the month.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.69 billion, N4.04 billion and N8.04 billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the federal government revealed that the sum of N216.57 billion was disbursed to the federal government’s consolidated revenue account.

In addition, N4.81billion was disbursed as share of derivation and ecology and N2.43 billion as stabilisation fund.

Also, N8.15 billion was shared for the development of natural resources and N5.82 billion to the Federal Capital Territory (FCT), Abuja.

For February, the report said the amount disbursed comprised N497.12 billion from the Statutory Account; N104.47 billion from Valued Added Tax (VAT) and N8.12 billion as excess charges recovered.

According the report, the sum of N50 billion was distributed as FOREX Equalisation Fund and N654.70 million as exchange gain differences.

The sum of N48.49 billion was shared among the oil producing states as 13 per cent derivation fund in February.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.66 billion, N7.62 billion and N4.07 billion as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that the sum of N221.33 billion was disbursed to the Federal Government consolidated revenue account.

In addition, N4.94 billion was disbursed as share of derivation and ecology and N2.47 billion as stabilisation fund.

Also, N8.30 billion was shared for the development of natural resources and N5.90 billion to the Federal Capital Territory (FCT) Abuja.

In March, the report said the amount disbursed comprised of N474.42 billion from the Statutory Account, N96.39 billion from Valued Added Tax (VAT), N4.02 billion as excess bank charges recovered.

According to the report, N44.17 billon was distributed as FOREX Equalisation Fund and N858.46 million as exchange gain differences.

The sum of N50.95 billion was shared among the oil producing states as 13 per cent derivation fund in the month.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.91 billion, N6.49 billion and N3.19 billion as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that the sum of N203.04 billion was disbursed to the Federal Government consolidated revenue account.

In addition, N4.63 billion was disbursed as share of derivation and ecology; N2.31 billion as stabilisation fund.

Also, the sum of N7.77 billion was shared for the development of natural resources and N5.52 billion to the Federal Capital Territory (FCT) Abuja in March.