Federal Government Disburses ₦649.19bn in January 2019

The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦649.19bn to the three tiers of government in January 2019 from the revenue generated in December 2018.

The amount disbursed comprised of ₦547.46bn from the Statutory Account, ₦100.76bn from Valued Added Tax (VAT) and ₦976.53mln exchange gain differences ₦70bn.

Naija news Understands that the Federal government received a total of ₦270.17bn from the ₦812.76bn. States received a total of ₦178.04bn and Local governments received ₦133.83bn. The sum of ₦45.36bn 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 ₦4.69bn, ₦4.04bn and ₦8.04bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of ₦216.57bn was disbursed to the FGN consolidated revenue account; ₦4.81bn shared as share of derivation and ecology; ₦2.43bn as stabilization fund; ₦8.15bn for the development of natural resources; and ₦5.82bn to the Federal Capital Territory (FCT) Abuja.

Click Here to Download January 2019 FAAC PDF Report