Monday, March 09,
2020 04:30 PM / NBS/ Header Image Credit: NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N650.83bn to the three tiers of government in December 2019 from the revenue generated in November 2019.
The amount disbursed comprised of N491.88bn from the Statutory Account, N90.17bn from Valued Added Tax (VAT), N53bn from FOREX Equalisation Account, N15bn from Good and Valuable Consideration Account and N784.83m Exchange Gain Allocation.
Federal Government received a total of N274.76bn from the N650.83bn. States received a total of N176.06bn and Local Governments received N132.66bn. The sum of N51.07bn 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 N5.42bn, N6.86bn and N3.90bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N208.68bn was disbursed to the FGN consolidated revenue account; N4.97bn shared as share of derivation and ecology; N2.48bn as stabilization fund; N8.35bn for the development of natural resources; and N5.80bn to the Federal Capital Territory (FCT) Abuja.
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