FAAC Reflates Economy With N821.86Bn In July, Says NBS

The National Bureau of Statistic (NBS) has disclosed that Federation Account Allocation Committee (FAAC) disbursed the sum of N821.86 billion to the three tiers of government in July 2018 from the revenue generated in June 2018.

According to bureau report on Tuesday, the amount disbursed consist of N687.35billion from the Statutory Account, N85.34billion from Valued Added Tax (VAT) and N7.32billion excess bank charges.

The report stated that, the federal government received a total of N315.01billion from the N821.86billion.

“States received a total of N194.51billon and Local governments received N147.05billion.

“The sum of N42.85billion was shared among the oil producing states as 13per cent derivation fund while N100.00billion was transferred to Excess crude Account (ECA).”

According to NBS report, revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.82billon, N12.21billion and N5.42billion respectively as cost of revenue collections.

“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N271.02billion was disbursed to the FGN consolidated revenue account; N5.75billion shared as share of derivation and ecology; N2.87billion as stabilization fund; N9.65bn for the development of natural resources; and N6.53billon to the Federal Capital Territory (FCT) Abuja,” the report by NBS added.