FG, states shared N426 billion in December-NBS

Finance Minister, Kemi Adeosun

The sum of N426.88 billion was disbursed to the three tiers of government in December 2016, the National Bureau of Statistics (NBS), has said.

A report released by the bureau on Tuesday said the Federation Account Allocation Committee( FAAC), disbursed the sum from the revenue generated in November, 2016.

According to the report, the amount disbursed comprised N240.12 billion from the Statutory Account, N38.85 billion from exchange gain and N66 billion from Excess Petroleum Product Tax (PPT) Account.

Other funds include N75.58billion from Valued Added Tax (VAT) while the sum of N6.33billion was refunded to the Federal Government by the Nigerian National Petroleum Corporation, NNPC.

The report stated that the federal government received N163.59billion from the amount shared; states received N110.53billion and local governments received N82.64billion.

The sum of N26.42billion was shared among the oil producing states as 13% derivation fund and N33.67billion was transferred to the Excess Petroleum Product Tax, PPT, Account.

Meanwhile, revenue generating agencies like the Nigeria Customs Service( NCS) Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR), received N3.54billion, N5.28billion and N1.21billion respectively as cost of revenue collection.

Analysis of the report shows that the sum of N141.64billion was disbursed to the FGN consolidated revenue account, while N2.89billion was shared as share of derivation and ecology.