FAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018

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 -

National Bureau of Statistics, NBS, today, reported that the Federation Account Allocation Committee (FAAC) disbursed the sum of N655.18bn to the three tiers of government in January 2018 from the revenue generated in December 2017.

The amount disbursed comprised of N538.51bn from the Statutory Account and N83.96bn from Valued Added Tax (VAT).

Also, N14.713bn and N16.055bn were distributed as FOREX Equalisation while an excess bank charges of N1.938bn recovered was also distributed.

The report stated: Federal government received a total of N278.73bn from the N655.18bn shared. States received a total of N175.55bn and Local governments received N132.48bn. The sum of N51.74bn 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 N4.12bn, N7.44bn, and N3.10bn 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 N240.98bn was disbursed to the FGN consolidated revenue account; N5.06bn shared as share of derivation and ecology; N2.53bn as stabilization fund; N8.50bn for the development of natural resources; and N5.83bn to the Federal Capital Territory (FCT) Abuja.
FAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018 - Brand Spur
- Advertisement -
FAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018 - Brand SpurFAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018 - 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:  Unemployment Rate Jumps from 16.2% in Q2 2017 to 18.8% in Q3 2017

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

FAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018 - Brand SpurFAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018 - Brand Spur

Latest News

World’s biggest brewer AB InBev scraps dividend despite growth in revenue in Q3

KEY FIGURES  Revenue: Ab Inbev's revenue grew by 4.0% in 3Q20, positively impacted by a healthy volume performance...

Only recently presented and already in regular service operations: Mercedes-Benz delivers three Mercedes-Benz eCitaro G with fully electric drive to Switzerland

Only a few weeks ago the Mercedes-Benz eCitaro G celebrated its world premiere and already it is "electrifying" Zurich. The high-tech articulated city bus...

Heineken reports net profit down 76 percent in Q3, premium portfolio grew by more than half in Nigeria

Heineken N.V. today publishes its trading update for the third quarter of 2020. KEY HIGHLIGHTS Beer volume -1.9% organically for the quarter; -8.1% for the...

Audi Group achieves breakeven thanks to strong Q3 2020

A noticeable recovery in the markets and a stabilization of business operations: After a very challenging first half of the year against the backdrop...

Revenue of Lekoil Dips by 38%, Scraps Shareholder Payout in Q2

LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa, reports its unaudited interim results for the...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018 - Brand SpurFAAC: STATES & LOCAL GOVERNMENTS RECEIVED N175.55N & N132.48BN RESPECTIVELY IN JANUARY 2018 - Brand Spur