LG, Others received ₦609.96bn in Dec 2017

The National Bureau of Statistics (NBS), has released the the Federation Account Allocation Committee, FAAC’s disbursement for December 2017.

The report released on Thursday indicates that the three tiers of government received ₦609.96 billion in December 2017.

The report reads in part: “The Federation Account Allocation Committee   disbursed the sum of ₦609.96billion to the three tiers of government in December 2017 from the revenue generated in November 2017.

“The amount disbursed comprised of ₦529.53billion from the Statutory Account and ₦80.43billion from Valued Added Tax (VAT).

“Federal government received a total of ₦259.81billion from the ₦609.96billion shared. States received a total of ₦164.51billion and Local governments received ₦124.09 billion.

“The sum of ₦43.21billion 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 ₦4.74bilion, ₦7.95billion and ₦3.65billion respectively as cost of revenue collections.”

The report added that: “Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of ₦223.56billion was disbursed to the FGNs consolidated revenue account; ₦4.71billion shared as share of derivation and ecology; ₦2.36 billion as stabilization fund; ₦7.92billion for the development of natural resources; and ₦5.45billion to the Federal Capital Territory (FCT) Abuja.”