The latest statistics from the National Bureau of Statistics, NBS, have shown that the Federal Government, States and Local Governments in the country received a total of N649.19.billion from the Federation Account in January 2019.
According to the January FAAC Disbursement Statistics the NBS posted on its website, the Federal Government got N270.17 billion, while the 36 states and Local Governments in the country got N178.04 billion and N133.83 billion respectively. The oil producing states however got the sum of N45.36 billion as 13% derivation fund
According to the NBS report, the amount disbursed comprised N547.46 billion from the Statutory Account, N100.76 billion from Valued Added Tax (VAT) and N976.53 million exchange gain differences.
The report also showed that revenue generating agencies such as Nigeria Customs Service, NCS, Federal Inland Revenue Service, FIRS, and Department of Petroleum Resources, DPR, got N4.69 billion, N4.04 billion and N8.04 billion respectively as cost of revenue collections.
The report further showed that the sum of N4.81billion was disbursed as share of derivation and ecology, while N2.43 billion was shared as stabilisation fund.
The Federal Capital Territory, FCT, got the sum of N5.82 billion while N8.15 billion was shared for the development of natural resources, the report showed.
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