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Saturday, August 29, 2020 11:00 AM /by NBS/ Header Image
Credit: NBS
The Federation Account Allocation
Committee (FAAC) disbursed the sum of N606.20bn to the three tiers of
government in May 2020 from the revenue generated in April 2020.
The amount disbursed comprised of N370.41bn from the
Statutory Account, N94.50bn from Valued Added Tax (VAT), N1.12bn from Excess
Bank Charges Recovered for the Month, N8.89bn from the Distribution of Solid
Mineral Revenue for the month, N103.96bn Distribution for the Month and
N27.32bn Exchange Gain Differences.
Federal Government received a total of N255.07bn from
the N606.20bn. States received a total of N166.63bn and Local Governments
received N125.35bn. The sum of N37.39bn 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 N4.55bn, N5.39bn and N2.98bn respectively as
cost of revenue collections.
Further breakdown of revenue allocation distribution
to the Federal Government of Nigeria (FGN) revealed that the sum of N194.19bn
was disbursed to the FGN consolidated revenue account; N4.59bn shared as share
of derivation and ecology; N2.30bn as stabilization fund; N7.71bn for the
development of natural resources; and N5.43bn to the Federal Capital Territory
(FCT) Abuja.
Click Here to Download May 2020 FAAC PDF Report
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