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BUNMI BAILEY
The Federation Account Allocation Committee (FAAC) disbursed the sum of N638.1billion to the three tiers of government in April 2018 from the revenue generated in March 2018, according to the National Bureau of Statistics (NBS) report released Thursday morning
The disbursed amount however contradicts the figure that the government declared during its monthly FAAC meeting held Wednesday
“The Federation Account Allocation Committee (FAAC) yesterday shared N701.0 billion to the three tiers of government as Federal Allocation for April 2018,” Mohammed Dutse Permanent Secretary, Ministry of Finance, said while addressing reporters at the end of the FAAC meeting in Abuja yesterday
BusinessDay analysis of the FAAC data from the NBS report shows that the revenue increased (year-on-year) by 28.5 percent to N638.1 billion in April 2018 from N496.4 billion in April 2017
The amount disbursed comprised of N480.6 billion from the Statutory Account, N62.53billion from FOREX Equalisation , N11.3 billion from NNPC and N83.7 billion from Valued Added Tax (VAT).
The Federal Government received a total of N268.3 billion from the N638.1 billion shared. States received a total of N170.1 billion and Local Governments received N128.3billion. The sum of N55.9 billion was shared among the oil producing states as 13 percent derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.1 billion, N5.5 billion and N3.7 billion respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N227.9billion was disbursed to the FGN consolidated revenue account; N4.9 billion shared as share of derivation and ecology; N2.4billion as stabilization fund; N8.2billion for the development of natural resources; and N5.6billion to the Federal Capital Territory (FCT) Abuja.
