October 30, 2020/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N682.06bn to the three tiers of government in September 2020 from the revenue generated in August 2020.
The amount disbursed comprised of N531.83bn from the Statutory Account and N150.23bn from Valued Added Tax (VAT).
Federal Government received a total of N272.90bn from the N682.06bn. States received a total of N197.65bn and Local Governments received N147.42bn. The sum of N30.88bn 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 N6.66bn, N13.48bn and N5.70bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N196.56bn was disbursed to the FGN consolidated revenue account; N4.78bn shared as share of derivation and ecology; N2.39bn as stabilization fund; N8.03bn for the development of natural resources; and N6.12bn to the Federal Capital Territory (FCT) Abuja.
