FAAC disburses N581.57bn in March – NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N581.57billion to the three tiers of government in March 2020 from the revenue generated in February 2020.
The amount disbursed comprised of N466.06bn from the Statutory Account, N15.20billion from FOREX Equalisation Account, N99.55billion from Valued Added Tax (VAT) and N757.94million from Exchange Gain Differences.
Federal Government received a total of N236.12billion from the N581.57billion. States received a total of N159.01billion and Local Governments received N119.31billion. The sum of N45.31billion was shared among the oil-producing states as 13pepr cent derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR) received N5.19billion, N5.85billion and N3.80billion respectively as cost of revenue collections.
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Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N176.93billion was disbursed to the FGN consolidated revenue account; N4.22billion shared as share of derivation and ecology; N2.11billion as stabilization fund; N7.09billion for the development of natural resources; and N5.10billion to the Federal Capital Territory (FCT) Abuja.
