Federation Account Allocation Committee (FAAC) (October 2018 Disbursement)
The Federation Account Allocation Committee (FAAC) disbursed the sum of N698.71bn to the three tiers of government in October 2018 from the revenue generated in September 2018.
The amount disbursed comprised of N564.88bn from the Statutory Account, N79.15bn from Valued Added Tax (VAT), N275.84bn exchange gain allocation and the distribution of N4.4bn being excess charges recovered as well as N50bn as FOREX equalisation
Federal government received a total of N300.11bn from the N698.71bn. States received a total of N184.43bn and Local governments received N139.49bn. The sum of N59.09bn was shared among the oil producing states as 13% derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.66bn, N6.63bn and N4.29bn respectively as cost of revenue collections.
Data source: National Bureau of Statistics