FAAC disbursed N716.30bn in January-NBS

The National Bureau of Statists (NBS) has said the Federation Account Allocation Committee (FAAC) disbursed the sum of N716.30billion to the three tiers of government in January 2020 from the revenue generated in December 2019.

The report by NBS explained that the amount disbursed comprised of N600.31billion from the Statutory Account, N114.81billion from Valued Added Tax (VAT), and N1.18billion Exchange Gain Allocation.

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According to the NBS report that was on weekend, the federal government received a total of N287.93billion from the N716.30billion. The report explained that the States received a total of N191.30billion while Local Governments received N143.70billion.

NBS stated that the sum of N50.28billion was shared among the oil-producing states as 13per cent derivation fund.

The report by the bureau explained further that, “Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR) received N5.24billion, N9.64billion and N4.47billion respectively as cost of revenue collections.

“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N220.84billion was disbursed to the FGN consolidated revenue account; N5.16billion shared as share of derivation and ecology; N2.58billion as stabilization fund; N8.67billion for the development of natural resources; and N6.19billion to the Federal Capital Territory (FCT) Abuja.”

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