FAAC disbursed N722.38bn to FG, States, LGs, says NBS
The National Bureau of Statistics (NBS) on Wednesday disclosed that the Federation Account Allocation Committee (FAAC) disbursed N722.38billion to the three tiers of government in March 2022 from the total revenue generated in February 2022.
According to the report by NBS, the amount disbursed comprised N457.03billion from the Statutory Account, N80billion from Non-oil Excess Account, N7.48billion as Excess Bank Charges, and N177.87billion from Valued Added Tax (VAT).
The bureau stated that the Federal Government received N236.18billion from the N722.38 billion, States and Local Governments received N190.01 billion and N140.61billion respectively.
The report said: “The sum of N51.10 billion was shared among the oil-producing states from the 13per cent derivation fund. The Revenue generating agencies comprising Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N9.46 billion, N10.03 billion, and N4.50 billion respectively as cost of revenue collections.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that a total net amount of N111.95billion was disbursed to the FGN consolidated revenue account; N4.01 billion was received as a share of derivation and ecology; N2.01 billion as stabilization fund; N6.74 billion for the development of natural resources; and N5.60 billion to the Federal Capital Territory (FCT) Abuja.”
