The National Bureau of Statistics (NBS) in its latest Federation Account Allocation Committee (FAAC) (August 2018 Disbursement) report has put the total revenue distributions to the three tiers of government at N714.81 billion during the month.
According to the national official statistics producing agency, the amount disbursed comprised N597.97 billion from the Statutory Account, N79.81 billion from Valued Added Tax (VAT), N12 billion additional distribution funds from NNPC and N25.03 billion Foreign exchange (Forex) distribution.
A further analysis of the report indicated that the Federal Government had the largest chunk of the distributions totalling N298.29 billion while the states and local governments shared N183.77 billion and N138.96 billion respectively during the month in review.
In addition, the Bureau stated that N49.78 billion was shared among the oil producing states, representing the 13 percent Derivation Fund as provided by the constitution while N25.00 billion was transferred to Excess Crude Account(ECA).
According to the report, the revenue generating agencies, including Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.42 billion, N9.32 billion and N5.27 billion respectively as cost of revenue collections.
The report showed further that during the month in review, the sum of N242.42 billion was disbursed to the FGN consolidated revenue account; N5.44 billion as share of derivation and ecology.
Others are, N2.72 billion as stabilization fund; N9.15 billion for the development of natural resources; and N6.17 billion to the Federal Capital Territory (FCT) Abuja.
