The National Bureau of Statistics (NBS) has disclosed that the Federation Account Allocation Committee (FAAC) disbursed N616.20 billion to federal government, States and Local government areas in May 2019 from the revenue generated in April.
The report released on Wednesday noted that the amount disbursed comprised of N518.92billion from the Statutory Account, N96.49billion from Valued Added Tax (VAT) and N797.11million exchange gain differences.
According to the NBS report, “Federal Government received a total of N253.92billion from the N616.20billion.
“States received a total of N168.06billion and Local Governments received N126.28billion.
“The sum of N46.35billion was shared among the oil producing states as 13per cent derivation fund,” the report noted.
The report further disclosed that Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.38billion, N6.78billion and N3.12billion respectively as cost of revenue collections.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N199.58billion was disbursed to the FGN consolidated revenue account; N4.56billion shared as share of derivation and ecology; N2.28billion as stabilization fund; N7.65billion for the development of natural resources; and N5.44billion to the Federal Capital Territory (FCT) Abuja,” the report by NBS on Wednesday added.