Nigeria Daily Street Market Exchange Rate (December 20th 2019)
Businessam Staff The Federation Account Allocation Committee (FAAC) disbursed the sum of N638.09 billion to the three tiers of government in April 2018 from the revenue generated in March 2018.
According to the FAAC April report, the amount disbursed comprised of N480.59bn from the Statutory Account, N62.53bn from FOREX Equalization, N11.27bn from NNPC and N83.70bn from Valued Added Tax (VAT).
Federal Government received a total of N268.27bn from the N638.09bn shared. States received a total of N170.13bn and Local Governments received N128.32bn. The sum of N55.98bn 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 N4.14bn, N5.49bn, and N3.67bn respectively as the cost of revenue collections
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N227.98bn was disbursed to the FGN consolidated revenue account; N4.86bn shared as share of derivation and ecology; N2.43bn as stabilization fund; N8.17bn for the development of natural resources; and N5.63bn to the Federal Capital Territory (FCT) Abuja.
The disbursed sum shows a drop of -1.4 percent compared to the FAAC disbursement in March
By Afolabi Seun
