Federation Account Allocation Committee Disburses N5.89trn In 2017

Federation Account Allocation Committee Disburses N5.89trn In 2017

Federation Account Allocation Committee (FAAC) disbursed N5.89 trillion to the three tiers of government, Federal, States and Local government in 2017 investigation by LEADERSHIP has revealed. 

In 2017, the federal government followed by 36 states including Abuja collected the highest sharing while the local governments shared the lowest. 

Revenue generating agencies such as Nigeria Customs Service (NCS), and Federal Inland Revenue Service (FIRS) step-up their revenue collections to match up with government disbursement following the drop in global oil prices and government move to divest from the Oil & Gas sector. 

According to LEADERSHIP investigation, July sharing was the highest followed by September while lowest month was in May. 

The report by FBNQuest Research said, “Inflow into federation account widened in the more recent period because the recovery in oil output pushed up oil revenues considerably in July, August and September. Diplomacy in the Niger Delta has paid off for the federal government. 

“A similar conclusion should be drawn from the monthly payouts by the Federation Account Allocation Committee (FAAC), of which the latest covers the distribution of revenues collected in November. 

“The increase since mid-year is largely attributable to the improvement in average crude output, to 1.87 million barrel per day  in second quarter of 2017 and 2.03 million barrel per day  in third quarter of 2017.”

Read More at: https://leadership.ng/2018/01/17/faac-disburses-n5-89trn-2017/