25th January, 2019
By Kazeem Ugbodaga
The Federation Account Allocation Committee (FAAC) says it disbursed a sum of N8.03 trillion to the Federal and State Governments in 2018.
Figures obtained from the National Bureau of Statistics, NBS, on Friday showed that FAAC disbursed the sum of N3.19 trillion to the Federal Government in 2018 while States received a total of N4.84 trillion within the period under review.
According to the report, the amount disbursed to the FG comprised N2.12 trillion as Net Statutory Allocation, N156.98 billion as Valued Added Tax (VAT), N10.66 billion as NNPC refund to FG and the distribution of N128.41 billion from the FOREX equalisation fund.
Similarly, the amount disbursed to the States comprised N2.27 trillion as Gross Statutory Account, N532.74 billion as Valued Added Tax (VAT), N8.64 billion as NNPC refund to FG, N824.64 billion as Exchange Gain distribution, N4.08 billion as Excess Bank Charges and the distribution of N103.36 billion from the FOREX equalisation fund.
Akwa Ibom and Rivers States received the highest allocation of N424.93 billion and N394.17 billion respectively in 2018 while Osun and Ekiti States received the least allocation of N61.62 billion and N77.35 billion in that order.