August 29, 2020/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N606.20bn to the three tiers of government in May 2020 from the revenue generated in April 2020.
The amount disbursed comprised of N370.41bn from the Statutory Account, N94.50bn from Valued Added Tax (VAT), N1.12bn from Excess Bank Charges Recovered for the Month, N8.89bn from the Distribution of Solid Mineral Revenue for the month, N103.96bn Distribution for the Month and N27.32bn Exchange Gain Differences.
Federal Government received a total of N255.07bn from the N606.20bn. States received a total of N166.63bn and Local Governments received N125.35bn. The sum of N37.39bn 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 N4.55bn, N5.39bn and N2.98bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N194.19bn was disbursed to the FGN consolidated revenue account; N4.59bn shared as share of derivation and ecology; N2.30bn as stabilization fund; N7.71bn for the development of natural resources; and N5.43bn to the Federal Capital Territory (FCT) Abuja.
