Nigeria Economy | |
Nigeria Economy | |
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Tuesday, November 12,
2019 08:40PM / NBS / Header Image Credit: NBS
The Federation
Account Allocation Committee (FAAC) disbursed the sum of N693.52bn to the three
tiers of government in October 2019 from the revenue generated in September
2019.
The amount disbursed comprised of N599.70bn from the Statutory
Account, N92.87bn from Valued Added Tax (VAT) and N954.20m exchange gain
differences.
Federal Government received a total of N293.80bn from the
N693.52bn. States received a total of N186.81bn and Local Governments received
N140.86bn. The sum of N51.53bn 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 N5.61bn, N8.18bn and N5.70bn respectively as cost of revenue
collections.
Further breakdown of revenue allocation distribution to the
Federal Government of Nigeria (FGN) revealed that the sum of N226.21bn was
disbursed to the FGN consolidated revenue account; N5.32bn shared as share of
derivation and ecology; N2.66bn as stabilization fund; N8.94bn for the
development of natural resources; and N6.17bn to the Federal Capital Territory
(FCT) Abuja.
Click Here to Download October
2019 FAAC PDF Report
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