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FAAC disbursed 289.04bn to FG in May – NBS

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The Federation Account Allocation Committee (FAAC) disbursed N289.04 billion to the Federal Government in May, the National Bureau of Statistics (NBS) has said.

The NBS disclosed this in `FAAC May 2018 Disbursement Statistics’ posted on its website.

According to the bureau, the states received N181.96bn, while local governments received N137.33bn.

It stated that the sum of N701.02bn was disbursed to the three tiers of government during the month under review from the revenue generated in April.

According to the report, the amount disbursed comprised N612.64bn from the Statutory Account, N87.97bn from Valued Added Tax (VAT) and N418.88 million being excess bank charges recovered.

The report, however, said that the sum of N49.76bn was shared among the oil producing states as 13 per cent derivation fund.

It said that revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.61bn, N8.67bn and N4.06bn respectively as cost of revenue collections.

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