December 24, 2019/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N702.02bn to the three tiers of government in November 2019 from the revenue generated in October 2019.
The amount disbursed comprised of N587.20bn from the Statutory Account, N104.91bn from Valued Added Tax (VAT), N8.70bn from Solid Mineral Revenue and N1.11bn exchange gain differences.
Federal Government received a total of N295.74bn from the N702.02bn. States received a total of N192.70bn and Local Governments received N144.99bn. The sum of N49.16bn 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 N5.97bn, N9.12bn and N4.34bn respectively as cost of revenue collections.
