FAAC disburses N788.14 billion for the month of October

The Federation Account Allocation Committee (FAAC) disbursed the sum of N788.14 billion to the three tiers of government in November 2018 from the revenue generated in October 2018.

The amount disbursed comprised of N682.16 billion from the Statutory Account, N105.17 billion from Valued Added Tax (VAT) and N806 million as exchange gain allocation.

Federal government received a total of N299.19 billion from the N788.14 billion. States received a total of N194.92 billion and Local governments received N146.69 billion.

N58.19 billion was shared among the oil producing states as 13% derivation fund while N70 billion was transferred to Excess crude Account(ECA).

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.99 billion, N7.59 billion and N5.82 billion respectively as cost of revenue collections.

Which states got the largest FAAC allocation ? 

Delta State got the largest allocation for the period under review with a net FAAC allocation of N20.9 billion. Akwa Ibom was next with a net allocation of N18.4 billion. Rivers State was next with a net allocation of N15.3 billion.

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Which states had the smallest FAAC allocation ? 

Osun state had the smallest FAAC allocation at N2.1 billion. Cross River was next with a net allocation of N3.2 billion. Ogun State takes third place with a net allocation of N3.5 billion.

FAAC is a joint committee consisting of representatives of the Federal, State and Local governments. The committee meets monthly during which revenues are shared. Sources of income for FAAC include oil revenue and taxes, customs and excise taxes, company income taxes (CIT), any sale of national assets, and surpluses from state-owned enterprises.

The Federal government gets 52.68% of all revenue, while states and local governments get 26.72% and 20.60% respectively. Revenues from Value Added tax (VAT) are shared differently, with the Federal Government getting 15%, States 50% and Local Governments 35%.

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