The National Bureau of Statistics has released the Federal Account Allocation Committee for the month of March. The Federation Account Allocation Committee (FAAC) disbursed the sum of ₦647.39 billion to the three tiers of government in March 2018 from the revenue generated in February 2018.
The amount disbursed comprised of ₦557.29 billion from the Statutory Account, ₦89.45 billion from Valued Added Tax (VAT) and ₦654.49 million excess bank charges.
The Federal Government received a total of ₦270.81 billion from the ₦647.39 billion shared. States received a total of ₦173.76 billion and Local Governments received ₦130.91 billion.
The sum of ₦57.49 billion 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 ₦3.82 billion, ₦5.64 billion, and ₦2.97 billion respectively as the cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of ₦230.33 billion was disbursed to the FGN consolidated revenue account; N4.89 billion shared as share of derivation & ecology; ₦2.45 billion as stabilization fund; ₦8.23 billion for the development of natural resources; and ₦5.72 billion to the Federal Capital Territory (FCT) Abuja.
The Federation Account Allocation Committee [FAAC] is a joint committee consisting of representatives of the Federal, State and Local governments. The committee meets monthly during which revenues are shared.
Sources of income for FAAC include oil revenue and taxes, customs and excise taxes, company income taxes (CIT), any sale of national assets, and surpluses from state-owned enterprises.