The Federation Account Allocation Committee (FAAC) disbursed the sum of N3.19trn to the Federal Government of Nigeria in 2018 while states received a total of N4.84trn within the period under review.
The amount disbursed to the FGN comprised of N2.12trn as Net Statutory Allocation, N156.98bn as Valued Added Tax (VAT), N10.66bn as NNPC refund to FG and the distribution of N128.41bn from the FOREX equalisation fund.
Similarly, the amount disbursed to the States comprised of N2.27trn as Gross Statutory Account, N532.74bn as Valued Added Tax (VAT), N8.64bn as NNPC refund to FG, N824.64bn as Exchange Gain distribution, N4.08bn as Excess Bank Charges and the distribution of N103.36bn from the FOREX equalisation fund.
Akwa Ibom and Rivers States received the highest allocation of N424.93bn and N394.17bn respectively in 2018 while Osun and Ekiti States received the least allocation of N61.62bn and N77.35bn in that order.
Download the 2018 FAAC Report Here…
