FAAC gives revenue generating agencies N9.84bn in May

Revenue generating agencies of the federal government made up of Customs, Federal Inland Revenue Services and Department of Petroleum Resources were allocated a total of N9.84 billion from the federation account in the month of May. According to figures released by Federation Account Allocation Committee, Nigeria Customs Service (NCS) was allocated the sum of N3.01 billion followed by Federal Inland Revenue Service (FIRS) with an allocation of N5.39 billion and Department of Petroleum Resources (DPR) which was given N1.44 billion as cost of revenue collections.
A breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) showed that the sum of N135.49 billion was disbursed to the federal government of Nigeria consolidated revenue account; N2.88 billion shared out as share of derivation and ecology; N1.44 billion as stabilisation fund; N4.84 billion was kept for the development of natural resources; and N3.65 billion was given to the Federal Capital Territory (FCT) Abuja.
The Federation Account Allocation Committee (FAAC) on the whole disbursed the sum of N418.82 billion to the three tiers of government in May 2017 from the revenue generated in April 2017. The amount disbursed comprised of N275.20 billion from the Statutory Account; N38.52 billion from exchange gain; N20.42 billion from Excess Petroleum Product Tax (PPT) Account; N84.67 billion from Valued Added Tax (VAT) while no allocation was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).
Federal government received a total of N163.89 billion from the N418.82 billion shared. States received a total of N117.59 billion and Local governments received N87.77 billion. The sum of N29.94 billion was shared among the oil producing states as 13 per cent derivation fund and N3.09 billion transferred to the Excess Petroleum Product Tax (PPT) Account.