Oil-producing states receive N78bn from FAAC in two months

OpeOluwani Akintayo

Lagos — Oil-producing states received approximately N78 billion from the Federal Account Allocation Committee, FAAC in two months.

Data from the Nigerian Bureau of Statistics, NBS says the sum of N40.44bn was shared among the oil-producing states as 13% derivation fund in June, while N38.70bn was shared in July.

The Department of Petroleum Resources, DPR received N5.92bn as cost of revenue collection, while Nigeria Customs Service, NCS, Federal Inland Revenue Service, FIRS received N5.55bn, N11.03bn respectively.

The FAAC disbursed the sum of N679.7bn to the three tiers of government in June 2019 from the revenue generated in May 2019.

The amount disbursed comprised of N571.73bn from the Statutory Account, N106.83bn from Valued Added Tax, VAT and N1.41bn exchange gain differences.

The federal government received a total of N284.16bn from the N679.70bn.

States received a total of N187.61bn and Local governments received N140.10bn.

In July, the Committee disbursed the sum of N762.6bn to the three tiers of government in July 2019 from the revenue generated in June 2019.

The amount disbursed comprised of N652.95bn from the Statutory Account, N108.63bn from Valued Added Tax, VAT and N1.02bn exchange gain differences.

Federal Government received a total of N309.43bn from the N762.60bn.

States received a total of N201.16bn and Local Governments received N151.38bn.