FAAC allocation: FG rakes in N263.28bn in February


The National Bureau of Statistics (NBS), has disclosed that the Federal Government got a total of N263. 28 billion from the N635.55 billion the Federation Account Allocation Committee (FAAC) disbursed to the three tiers of government in February.

The NBS made the disclosure in FAAC for February 2018 Disbursement data posted on its website.

According to the bureau, states received a total of N172.87 billion and Local governments received N129.99 billion.

NBS, however, stated that the amount disbursed to three tiers of government was from the revenue generated in January.

According to NBS, the amount disbursed comprised of N538.91 billion from the Statutory Account and N96.65 billion from Valued Added Tax (VAT).

The report said, “The sum of N52.04 billion was shared among the oil producing states as 13 per cent derivation fund.

“The revenue generating agencies such as Nigeria Customs Service, Federal Inland Revenue Service and Department of Petroleum Resources received N4.08 billion, N6.29 billion and N4.47 billion respectively as cost of revenue collections.”