Data from the National Bureau of Statistics (NBS) on Monday showed that Nigeria’s Federal, State and Local Governments shared a total of N467.85bn in Federation Account Allocation Committee (FAAC) disbursements for the month of August 2017.
This was N184.38bn or 28.26% less than the N652.23bn generated during the month of June but distributed among the three-tiers during in July.
The amount comprised Statutory Account which suffered the biggest drop at N387.32bn, representing a N183.26bn or 32% drop from the N570.38bn distributed in prior month. Value Added Tax declined slightly from N81.64bn to N80.53bn; while there was once again neither allocation from refunds to the Federation Account by the Nigerian National Petroleum Corporation (NNPC) or the Excess Petroleum Product Tax (PPT) account.
While the Federal Government received a total or N193.05bn or 41.26% of total disbursement; down by N93.6bn or 32.65% to N286.65bn, representing 43.94% of total for the month; the 36 states got N130.69bn or 27.93%, as against N178.62bn or 27.38%. This left the 774 local government councils with N98.01bn or 20.73% of total for the month; compared to N134.93bn or 20.68%. The remaining N31.59bn or 6.75% represented was shared among the oil producing states as 13% derivation fund, slightly more than the N29.89bn shared in July.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N162.09bn was disbursed to the FGN consolidated revenue account; N3.44bn shared as share of derivation and ecology; N1.72bn as stabilization fund; N5.79bn for the development of natural resources; while
N4.18bn went to the Federal Capital Territory (FCT) Abuja.
Meanwhile, cost of collections by the Nigerian Customs Service stood at N3.629bn; even as there was a N2bn refund to the Federal Inland Revenue Service (FIRS); and another N3.533bn and N3.221bn as cost of collections. Cost of collections paid to the Department of Petroleum Resources (DPR) was put at N2.124bn.
Rivers received a gross total of N11.221bn, down from N12.045bn in July; ahead of Akwa Ibom with N11.058bn, down from N13.059bn; Delta followed with N10.505bn, as against the previous N10.678bn; just as Bayelsa received N9.937bn, down from N10.525bn.
While the oil bearings states received the lion’s share of their amount from the 13% share of derivation (net); Lagos with N9.523bn total gross amount, out which N6.272bn from gross Valued Added Tax allocation, compared to N11.32bn and N6.394bn respectively; Kano received a total of N5.596bn with N3.849bn from statutory allocation; compared to N7.611bn in July.