Nigerian govt, states, local councils share N676.41 billion for August – NBS

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The Federal Account Allocation Committee (FAAC) in August shared N676.41 billion to the federal, state and local governments, being the monthly allocation from the revenue generated in July.

Details of the allocation were contained in the latest FAAC disbursement report released by the National Bureau of Statistics (NBS).

According to the report, the federal government received a total of N273.19 billion, states received a total of N190.85 billion and the local governments received N142.76 billion.

Further breakdown of the report shows N42.85 billion was shared among the oil-producing states as the 13 per cent derivation fund.

The amount disbursed comprised N543.79 billion from the Statutory Account and N132.62 billion from Valued Added Tax (VAT).

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N5.65 billion, N10.21 billion, and N4.22 billion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the federal government revealed that N210.94 billion was disbursed to the FGN consolidated revenue account; N4.83 billion

shared as a share of derivation and ecology; N2.42 billion as stabilisation fund; N8.12 billion for the development of natural resources; and N6.03 billion to the Federal Capital Territory (FCT) Abuja.

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