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