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FG Received N270bn From FAAC In January


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The National Bureau of Statistics has made it known that the Federation Account Allocation Committee disbursed a whopping N270 . 17b to the coffers of the Federal Government last month.

This was said in FAAC January 2019 disbursement statistics posted recently on its website .

It was stated that the states in the federation received a total of N178 . 04b while the local governments on their own part, got a total of N 133 . 83b.

Last month, the three tiers of government in the country received a total of N649 . 19b from the revenue Nigeria generated in December.

According to the report, the money comprised N547 . 46b from the Statutory Account, N100 . 76b from Valued Added Tax as well as N976 . 53m on exchange gain differences .

Additional, it was added that the country's oil producing states were given a total of N45 . 36b as 13% derivation fund .

The Nigerian government, like some of its counterparts in the world, uses a financial structure where money move to the three tiers of government from the Federation Account .

There have been various calls on the need to review the sharing formula for revenue generated in the country, but it appears the government have no plan for that yet.

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