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The Federation's Allocation Committee (FAAC) paid the federal government $ 270.17 billion in January 2019, the National Bureau of Statistics (NBS) announced.
The NBS reported this in FAAC in January 2019. Disbursement statistics were posted on its website.
According to the office, states received a total of 178.04 billion nairas, while local governments received 133.83 billion naira.
The sum of NZ $ 649.19 billion was paid to the three levels of government in January 2019 from revenues generated in December 2018.
The report indicates that the amount disbursed includes 547.46 billion naira from the statutory account, 100.76 billion naira from value-added tax (VAT) and 976.53 million naira from foreign exchange gains.
The sum of 45.36 billion nairas was distributed among the oil-producing states as a diversion fund of 13%.
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Revenue-generating agencies such as the Nigeria Customs Service (NCS), the Federal Internal Revenue Service (FIRS) and the Petroleum Resources Department (DPR) received $ 4.69 billion, $ 4.04 billion and $ 8 billion, respectively. 04 billion nairas.
A more detailed breakdown of the revenue distribution to the federal government revealed that 216.57 billion naira had been deposited in the federal government's consolidated revenue account.
In addition, N $ 4.81 billion was disbursed as a diversion and ecology share and N $ 2.43 billion as a stabilization fund.
In addition, the sum of 8.15 billion naira was shared for natural resource development and 5.82 billion naira for the Federal Capital Territory (FCT) in Abuja.
The Nigerian government's financial system manages a structure in which funds are transferred to the three systems of government from what is called the federation account.
The federation account serves as a central pocket through which governments – federal, state and local governments – finance development projects and maintain their respective strengths.
Revenues in the federation account include oil revenues and related taxes, revenues from SNS trade facilitation activities, corporate income tax (CIT), any sale of badets, surplus and dividends State-owned enterprises.
Basically, the income distribution formula uses two elements for the disbursement of the federation account at the three levels of government.
These are vertical and horizontal allocation formulas. (NOPE)
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