FAAC pays out N1.92 trn to 3 tiers of govts in first quarter– NBS

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The Federation Account Allotment Committee (FAAC) has actually paid out N1.92 trillion to 3 tiers of federal government in the very first quarter of 2019, according to the National Bureau of Data (NBS).

FAAC.

The NBS stated this in FACC regular monthly allowance for January, February and March 2019 Dispensation data released on its site and evaluated by the News Firm of Nigeria (NAN) on Monday in Abuja.

The bureau stated FAAC paid out N64919 billion to the 3 tiers of federal government in January 2019; N66037 billion in February while the amount of 619.86 was dispersed to the 3 tiers in March.

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Out of the N1.92 trillion, the Federal Federal government got N80318 billion in the quarter, states got N53014 billion while the city governments got N39843 billion.

The breakdown revealed that the federal government got N27017 billion in January, N27533 billion in February and N25768 billion in March.

How it decreased.

States got N17804 billion in January, N18217 billion and N16993 in March while the city governments got N13383 billion in January, N13688 billion and N12772 billion in March.

In addition, the report stated the quantity paid out in January consisted of N54746 billion from the Statutory Account, N10076 billion from Valued Added Tax (BARREL) and N97653 million exchange gain distinctions.

The amount of N4536 billion was shared amongst the oil-producing states as 13 percent derivation fund in the month.

Income creating firms such as Nigeria Customs Service (NCS), Federal Inland Income Service (FIRS) and Department of Petroleum Resources (DPR) got N4.69 billion, N4.04 billion and N8.04 billion respectively as expense of income collections.

More breakdown of income allowance circulation to the federal government exposed that the amount of N21657 billion was paid out to the federal government’s combined income account.

In addition, N4.81 billion was paid out as a share of derivation and ecology and N2.43 billion as stabilisation fund.

Likewise, N8.15 billion was shared for the advancement of natural deposits and N5.82 billion to the Federal Capital Area (FCT), Abuja.

For February, the report stated the quantity paid out consisted of N49712 billion from the Statutory Account; N10447 billion from Valued Added Tax (BARREL) and N8.12 billion as excess charges recuperated.

According to the report, the amount of N50 billion was dispersed as FOREX Equalisation Fund and N65470 million as exchange gain distinctions.

The amount of N4849 billion was shared amongst the oil-producing states as 13 percent derivation fund in February.

Income creating firms such as Nigeria Customs Service (NCS), Federal Inland Income Service (FIRS) and Department of Petroleum Resources (DPR) got N5.66 billion, N7.62 billion and N4.07 billion as expense of income collections.

More breakdown of income allowance circulation to the Federal Federal government of Nigeria exposed that the amount of N22133 billion was paid out to the Federal Federal government combined income account.

In addition, N4.94 billion was paid out as a share of derivation and ecology and N2.47 billion as stabilisation fund.

Likewise, N8.30 billion was shared for the advancement of natural deposits and N5.90 billion to the Federal Capital Area (FCT) Abuja.

In March, the report stated the quantity paid out consisted of N47442 billion from the Statutory Account, N9639 billion from Valued Added Tax (BARREL), N4.02 billion as excess bank charges recuperated.

According to the report, N4417 billion was dispersed as FOREX Equalisation Fund and N85846 million as exchange gain distinctions.

The amount of N5095 billion was shared amongst the oil-producing states as 13 percent derivation fund in the month.

Income creating firms such as Nigeria Customs Service (NCS), Federal Inland Income Service (FIRS) and Department of Petroleum Resources (DPR) got N3.91 billion, N6.49 billion and N3.19 billion as expense of income collections.

More breakdown of income allowance circulation to the Federal Federal government of Nigeria exposed that the amount of N20304 billion was paid out to the Federal Federal government combined income account.

In addition, N4.63 billion was paid out as a share of derivation and ecology; N2.31 billion as stabilisation fund.

Likewise, the amount of N7.77 billion was shared for the advancement of natural deposits and N5.52 billion to the Federal Capital Area (FCT) Abuja in March.

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