November 12, 2019/NBS
The Federation Account Allocation Committee (FAAC) disbursed the sum of N693.52bn to the three tiers of government in October 2019 from the revenue generated in September 2019.
The amount disbursed comprised of N599.70bn from the Statutory Account, N92.87bn from Valued Added Tax (VAT) and N954.20m exchange gain differences.
Federal Government received a total of N293.80bn from the N693.52bn. States received a total of N186.81bn and Local Governments received N140.86bn. The sum of N51.53bn 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 N5.61bn, N8.18bn 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 N226.21bn was disbursed to the FGN consolidated revenue account; N5.32bn shared as share of derivation and ecology; N2.66bn as stabilization fund; N8.94bn for the development of natural resources; and N6.17bn to the Federal Capital Territory (FCT) Abuja.
