The Federation Account Allocation Committee, FAAC, has disbursed a total sum of N2.79 trillion to the Federal, State and Local Governments in the first six months of 2017.
This report came even as the National Bureau of Statistics, NBS, on Thursday, July 20, reported that theFAAC disbursed N462.36 billion to the three tiers of government in June 2017.
Previous NBS reports on FAAC disbursements show that the sum of N430.16 billion was shared among the three tiers of government in January 2017; N514.15 billion in February; N466.93 billion in March; N496.39 billion in April; and N418.82 billion in May 2017.
An breakdown of the disbursements revealed that the sum of N2.79 trillion disbursed so far this year is N540 billion or about 19.4 percent higher than the amount disbursed to the three tiers of government over the same period of 2016, which was about N2.25 trillion.
Available statistics show that a total sum of N388 billion was shared among the federal, states and local governments in January 2016; N370 billion in February; N345 billion in March; N281.5 billion in April; N305.13 billion in May; while N559.03 billion was disbursed in June 2016 to the three tiers of government.
Meanwhile, NBS noted that the sum of N462.36 billion disbursed by FAAC in June 2017 was from the revenue generated in May 2017.
“The amount disbursed comprised N317.56 billion from the Statutory Account; N64.81 billion from exchange gain; N79.99 billion from VAT. No allocation was refunded to the Federal Government from the NNPC and no amount was also shared from the Excess Petroleum Product Tax (PPT) Account,”the report stated.
NBS further noted that of the total sum shared, the Federal Government received N189.94 billion, while the States received a total of N128.89 billion and Local governments received N96.65 billion.
