November 2016 FAAC: Federal, State and Local Govts Share ₦426 Billion Naira

The Federal Account Allocation Committee (FAAC) shared the sum of ₦426.88 billion naira among the three arms of government for the month of November 2016. The amount was however disbursed in December 2016.

The amount disbursed comprised of ₦240.12 billion from the statutory account, ₦38.85 billion from exchange gain. ₦66 billion from Excess Petroleum Product (PPT) Account, ₦75.58 billion naira from Valued Added Tax (VAT), while the sum of ₦63.3 billion was refunded to the Federal Government from the Nigerian National Petroleum Corporation (NNPC).

The Federal government received the lion share of the amount receiving ₦163.99 billion naira. States received a total of ₦110.53 billion naira and local governments received ₦82.64 billion. The sum of ₦26.42 billion was shared among the oil producing states as derivation fund. ₦33.67 billion was transferred to the Excess Petroleum Product Tax (PPT) Account.

Revenue generating agencies, Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received ₦3.54 billion, ₦5.28 billion and ₦1.21 billion naira respectively as cost of revenue collection

Cross River and Ekiti states had the lowest FAAC allocations for the period receiving ₦1.2 billion and ₦1.4 billion naira respectively. Rivers and Lagos states had the highest FAAC allocation in the same period receiving ₦9.7 billion and ₦9.3 billion naira respectively.

The link below is a copy of the report [gview file=”https://cdn.nairametrics.com/wp-content/uploads/2017/02/Federation-Account-Allocation-Committee-FAAC-December-2016-Disbursement.pdf”]