In January, the committee in charge of sharing Nigeria’s “national cake” – the Federation Account Allocation Committee (FAAC) – disbursed the sum of 270.17 billion naira to the Federal Government.
According to the FAAC January 2019 Disbursement statistics posted on the National Bureau of Statistics (NBS) website, state governments received a total of 178.04 billion naira while local governments received 133.83 billion naira.
The sum of 649.19 billion naira was disbursed to the three tiers of government in January 2019 from the revenue generated in December 2018.
The report said that the amount disbursed comprised 547.46 billion naira from the Statutory Account, 100.76 billion naira from Valued Added Tax (VAT) and 976.53-million-naira exchange gain differences.
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The sum of 45.36 billion naira 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 4.69 billion naira, 4.04 billion naira and 8.04 billion naira respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government revealed that the sum of 216.57 billion naira was disbursed to the Federal Government consolidated revenue account.
In addition, the sum of 4.81 billion naira was disbursed as share of derivation and ecology and 2.43 billion naira as stabilisation fund.
Also, the sum of 8.15 billion naira was shared for the development of natural resources and 5.82 billion naira to the Federal Capital Territory (FCT), Abuja.