FAAC disburses N1.92trn to 3 tiers of govts in 1st quarter ― NBS vanguardngr.com vanguardnews
The Federation Account Allocation Committee has disbursed N1.92 trillion to three tiers of government in the first quarter of 2019, according to the National Bureau of Statistics .The NBS said this in FACC monthly allocation for January, February and March 2019 Disbursement statistics published on its website and analysed by the News Agency of Nigeria on Monday in Abuja.
The sum of N45.36 billion was shared among the oil-producing states as 13 per cent derivation fund in the month. Also, N8.15 billion was shared for the development of natural resources and N5.82 billion to the Federal Capital Territory , Abuja. Revenue generating agencies such as Nigeria Customs Service , Federal Inland Revenue Service and Department of Petroleum Resources received N5.66 billion, N7.62 billion and N4.07 billion as cost of revenue collections.
In March, the report said the amount disbursed comprised of N474.42 billion from the Statutory Account, N96.39 billion from Valued Added Tax , N4.02 billion as excess bank charges recovered.
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