FAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017 – NBS

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

Free 250,000 FG/CAC Business Names Registration for MSMES

Business formalisation Support of the Micro, Small & Medium Enterprises (MSMEs) Survival Fund As part of Federal Government’s post-Covid-19 Pandemic...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -
The Federation Account Allocation Committee (FAAC) disbursed the sum of N609.96bn to the three tiers of government in December 2017 from the revenue generated in November 2017.
The amount disbursed comprised of N529.53bn from the Statutory Account and N80.43bn from Valued Added Tax (VAT).
The federal government received a total of N259.81bn from the N609.96bn shared. States received a total of N164.51bn and Local governments received N124.09bn. The sum of N43.21bn 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 N4.74bn, N7.95bn, and N3.65bn 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 N223.56bn was disbursed to the FGN consolidated revenue account; N4.71bn shared as share of derivation and ecology; N2.36bn as stabilization fund; N7.92bn for the development of natural resources; and N5.45bn to the Federal Capital Territory (FCT) Abuja.
FAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017  - NBS - Brand Spur
- Advertisement -
FAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017  - NBS - Brand SpurFAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017  - NBS - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read Also:  SEC orders Oando GCEO Wale Tinubu, others to resign

This site uses Akismet to reduce spam. Learn how your comment data is processed.

FAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017  - NBS - Brand SpurFAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017  - NBS - Brand Spur

Latest News

Old Wine, New Bottle Theoretical Analysis of Nigeria’s 2021 Federal Budget Proposal

What can be made of a federal budget that hasn’t changed to fit the realities of the nation and...

Top 10 Protein-Rich Foods

Protein is an essential building block of life. It is found in literally every cell of the body. Protein is an important nutrient needed for...

Will the stock market rally be sustained?

Earlier, we hinted that the stock market is clearly the only game in town, thanks to the low yield environment. Thus, we urged reluctant...

Digital Therapeutics and Wellness App Users to Reach 1.4 Billion Globally by 2025, as Pandemic Accelerates Regulatory Acceptance

A new study from Juniper Research has found that the number of people using digital therapeutics and wellness apps will grow from 627 million in 2020...

Hazard, Kepa, Messi Lost €142 Million in Combined Market Value, Three Biggest Drops in 2020

The COVID-19 outbreak has had an enormous impact on the football industry, causing considerable drops in clubs’ revenues and their players’ market value. According to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017  - NBS - Brand SpurFAAC Disbursed the Sum of N609.96bn To The 3 tiers of government in December 2017  - NBS - Brand Spur