The Federation Account Allocation Committee (FAAC), disbursed N418.82 billion to the three tiers of government in May 2017 from the revenue generated in April 2017, according a report released by National Bureau of Statistics (NBS), yesterday.
The amount shared is about N3.8 billion less than the N415 billion shared among the three tiers of government in the preceding month.
NBS noted that the amount disbursed comprised N275.20 billion from the Statutory Account; N38.52 billion from exchange gain; N20.42 billion from Excess Petroleum Product Tax (PPT) Account; N84.67 billion from Valued Added Tax (VAT).
Oil producing states derivation fund No allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).
According to the report, Federal Government received a total of N163.89 billion while the 36 States received a total of N117.59 billion and the 774 Local governments received N87.77 billion.
The report further stated that N29.94 billion was shared among the oil producing states as 13 percent derivation fund and N3.09 billion transferred to the Excess Petroleum Product Tax (PPT) Account.
On the other hand, revenue generating agencies such as Nigeria Customs Service (NCS); Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR), received N3.01 billion, N5.39 billion and N1.44 billion, respectively, as cost of revenue collections.
“Further breakdown of revenue allocation distribution to the Federal Government revealed that the sum of N135.49 billion was disbursed to the FG consolidated revenue account; N2.88 billion shared as share of derivation and ecology; N1.44 billion as stabilization fund; N4.84 billion for the development of natural resources, and N3.65 billion to the Federal Capital Territory (FCT) Abuja,” NBS stated.
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