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FAAC Allocates N720.880bn Among FG, States, LGs For August

The Federation Account Allocation Committee (FAAC) disbursed the sum of N769.53bn to the three tiers of government in August 2019 from the revenue generated in July 2019. 

The amount disbursed comprised of N607.37bn from the Statutory Account, N94.16bn from Valued Added Tax (VAT) and N999.99m exchange gain differences.

Federal Government received a total of N299.80bn from the N769.53bn. States received a total of N190.38bn and Local governments received N143.57bn. The sum of N51.63bn 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 N5.70bn, N11.14bn and N5.02bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N241.81bn was disbursed to the FGN consolidated revenue account; N5.43bn shared as share of derivation and ecology; N2.72bn as stabilization fund; N9.13bn for the development of natural resources; and N6.30bn to the Federal Capital Territory (FCT) Abuja.

SOURCE:https://brandspurng.com/2019/09/25/faac-allocates-n720-880bn-among-fg-states-lgs-for-august

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