BY KAYODE OGUNWALE
The Federation Account Allocation Committee (FAAC) has disbursed the sum of N619.86 billion to the three tiers of government in March 2019 from the revenue generated in February 2019.
The amount disbursed comprised of N474.42 billion from the Statutory Account, N96.39 billion from Valued Added Tax (VAT), N4.02 billion as excess bank charges recovered, N44.17 billion distributed as FOREX Equalisation Fund and N858.46 million exchange gain differences.
Federal Government received a total of N257.68 billion from the N619.86 billion. States received a total of N169.93 billion and Local Governments received N127.72 billion. The sum of N50.95 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 N3.91 billion, N6.49 billion and N3.19 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 N203.04 billion was disbursed to the FGN consolidated revenue account; N4.63 billion shared as share of derivation and ecology; N2.31 billion as stabilization fund; N7.77 billion for the development of natural resources; and N5.52 billion to the Federal Capital Territory (FCT) Abuja.