FAAC Disburses N676.41bn in August 2020 - NBS

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Wednesday, September 23, 2020 08:00 PM / NBS/ Header Image Credit:  NBS


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The Federation Account Allocation Committee (FAAC) disbursed the sum of N676.41bn to the three tiers of government in August 2020 from the revenue generated in July 2020.

 

The amount disbursed comprised of N543.79bn from the Statutory Account and N132.62bn from Valued Added Tax (VAT).

 

Federal Government received a total of N273.19bn from the N676.41bn. States received a total of N190.85bn and Local Governments received N142.76bn. The sum of N42.85bn 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 N5.65bn, N10.21bn and N4.22bn respectively as cost of revenue collections.

 

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N210.94bn was disbursed to the FGN consolidated revenue account; N4.83bn shared as share of derivation and ecology; N2.42bn as stabilization fund; N8.12bn for the development of natural resources; and N6.03bn to the Federal Capital Territory (FCT) Abuja.

 

Click Here to Download August 2020 FAAC PDF Report


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Latest 2020 NBS Reports

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Q3 2020

  1. FAAC Disburses N696.18bn in July 2020 - NBS
  2. Average Price of 1kg of Rice Increased By 40.69% YoY in August 2020 - NBS
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  13. Nigeria's GDP Contracts by -6.10% YoY in Real Terms in Q2 2020 - NBS
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  20. Average Prices of 1kg of Tomato Increased By 30.25% YoY in June 2020 - NBS
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Q2 2020

  1. 5.26bn Litres of PMS Imported Into Nigeria in Q1 2020 - NBS
  2. All Commodity Group Import Index Decreased By 0.84% in Q1 2020
  3. Average Price of 1kg of Rice Increased By 28.18% YoY in May 2020 - NBS
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