FG, States share N617 billion in April

President Muhammadu Buhari
President Muhammadu Buhari

The three tiers of government shared N617.57 billion in April, the National Bureau of Statistics, NBS, has said.

A report released by the bureau on Thursday said the Federation Account Allocation Committee, FAAC, disbursed the sum from the revenue generated in March 2019.

According to the report, the amount disbursed comprised N446.65 billion from the Statutory Account, N92.18 billion from Valued Added Tax (VAT) and N55 as Good and Value Consideration.

Other funds include N10 billion as additional funds from NNPC, N13.09 billion distributed as FOREX Equalisation Fund and N652.55 million exchange gain differences.

The report stated that the federal government received N257.76 billion from the amount shared, states received N168.25 billion, and local governments received N126.58 billion.

The sum of N49.82 billion was shared among the oil producing states as 13 per cent derivation fund.

Meanwhile, revenue generating agencies like Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received N5.12 billion, N6.15 billion, and N3.87 billion respectively as cost of revenue collection.

Analysis of the report shows that the sum of N203.11 billion was disbursed to the Federal Government of Nigeria’s consolidated revenue account, while N4.64billion was shared as a share of derivation and ecology.

Also, the sum of N2.32 billion was disbursed as stabilization fund, while N7.80 billion was for the development of natural resources.

The Federal Capital Territory (FCT), Abuja, however, received N5.49 billion.

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