FAAC disburses N652tr to FGN, others


By Elizabeth Adegbesan

The Federation Account Allocation Committee, FAAC, has allocated a sum of N652 billion to the three tiers of government last month from the revenue generated in the month of June this year.

Money

This was disclosed in a report by the National Bureau of Statistics, NBS, titled, “Federation Account Allocation Committee (FAAC) July 2017 Disbursement.”

According to the report, the N652 trillion disbursed to the three tiers of government comprised N570 billion from the country’s Statutory Account and N81billion from Value Added Tax, VAT.

The beneficiaries of the N652 billion revenue distributed by FAAC were the Federal Government  who received the sum of N286 billion; state government which also received a total of N178.62 billion and the local government councils which got N134.93billion.

Included in the allocation is the sum of N29.89billion which was shared among the oil producing states as 13% derivation fund; N3.7 billion for cost of collection fund of Nigerian Custom Service (NCS), N2 trillion for Federal Inland Revenue Service (FIRS) refund, N14.5 billion for cost of collections by the FIRS and N1.7 billion for cost of collections made by the Department of Petroleum Resources (DPR).

The  N286 trillion disbursed to the FG was benefitted by FGs Consolidated Revenue Fund (CRF) account which received N248 trillion; N5.2 billion was allocated to Share derivation and Ecology,  N2.6 billion for Stabilization,  N8.7 billion was allocated for the development of natural resources while the Federal Capital Territory had N5.9 billion.

According to the report, no allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC) and no amount was also shared from the excess Petroleum Product Tax (PPT) account.



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