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Saturday, September 05, 2020 06:50 PM /by NBS/ Header Image
Credit: NBS
The Federation Account Allocation
Committee (FAAC) disbursed the sum of N547.31bn to the three tiers of
government in June 2020 from the revenue generated in May 2020.
The amount disbursed comprised of N413.95bn from the
Statutory Account, N103.87bn from Valued Added Tax (VAT), N1.01bn from Excess
Bank Charges Recovered for the Month and N28.47bn Exchange Gain Differences.
Federal Government received a total of N219.80bn from
the N547.31bn. States received a total of N152.47bn and Local Governments
received N114.09bn. The sum of N37.02bn was shared among the oil producing
states as 13% derivation fund.
Revenue generating agencies such as Nigeria Customs
Service (NCS), Federal Inland Revenue Service (FIRS) and Department of
Petroleum Resources (DPR) received N5.24bn, N7.09bn and N1.98bn respectively as
cost of revenue collections.
Further breakdown of revenue allocation distribution
to the Federal Government of Nigeria (FGN) revealed that the sum of N161.74bn
was disbursed to the FGN consolidated revenue account; N3.90bn shared as share
of derivation and ecology; N1.95bn as stabilization fund; N6.55bn for the
development of natural resources; and N4.82bn to the Federal Capital Territory
(FCT) Abuja.
Click Here to Download June
2020 FAAC PDF Report
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