FAAC Disburses N1.92tn To FG, States, LGAs In Q1

The Federation Account Allocation Committee has disbursed N1.92 trillion to the three tiers of government in the first quarter of 2019, according to the National Bureau of Statistics.

The NBS said this in FACC monthly allocation for January, February and March, 2019 Disbursement statistics published on its website on Monday in Abuja.

The bureau said FAAC disbursed N649.19 billion to the three tiers of government in January; N660.37 billion in February and N619.86 billion 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 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, Federal Inland Revenue Service and Department of Petroleum Resources 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, Abuja.

(NAN)