FAAC Disburses N679.7bn in June 2019

FAAC Disburses N679.7bn in June 2019

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The Federation Account Allocation Committee (FAAC) disbursed the sum of N679.7bn to the three tiers of government in June 2019 from the revenue generated in May 2019. 

The amount disbursed comprised of N571.73bn from the Statutory Account, N106.83bn from Valued Added Tax (VAT) and N1.41bn exchange gain differences.

Federal Government received a total of N284.16bn from the N679.70bn. States received a total of N187.61bn and Local governments received N140.10bn. The sum of N40.44bn 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 N5.55bn, N11.03bn and N5.92bn respectively as cost of revenue collections.

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Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N227.44bn was disbursed to the FGN consolidated revenue account; N5.10bn shared as share of derivation and ecology; N2.55bn as stabilization fund; N8.57bn for the development of natural resources; and N6.09bn to the Federal Capital Territory (FCT) Abuja.

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Download the full report here…

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