FG Gets $1.48m Statutory Allocation For November
The federal government has received N533 billion ($1.5m) from the federation account as statutory allocation funds for November.
The National Bureau of Statistics (NBS) disclosed this in a report titled, “Federation Account Allocation Committee: (November 2017 disbursement).”
According to the report, the N532.76 billion received by the three tiers of government was 4.5 percent lower than the N558.08 billion received in October.
The report stated that the amount disbursed comprised of N412.10 billion from the Statutory Account and N89.71 billion from Valued Added Tax (VAT).
Distribution of additional N30 billion from the NNPC and the distribution of N944 million being excess bank charges on federation account.
Federal government received a total of N218.62 billion from the N532.76 billion shared.
States received a total of N147.39 billion and Local governments received N110.58 billion.
The sum of N40.85 billion was shared among the oil producing states as 13 percent derivation fund.
The bureau further said: “Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.56 billion, N5.68 billion and N3.08 billion respectively as cost of revenue collections.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N185.65 billion was disbursed to the FGN consolidated revenue account; N3.90 billion shared as share of derivation and ecology; N1.95 billion as stabilization fund; N6.56 billion for the development of natural resources; and N4.73 billion to the Federal Capital Territory (FCT) Abuja.”