Economy

FAAC Disbursed N716.30 Billion in January 2020-NBS

March 15, 2020/NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N716.30bn to the three tiers of government in January 2020 from the revenue generated in December 2019.

The amount disbursed comprised of N600.31bn from the Statutory Account, N114.81bn from Valued Added Tax (VAT), and N1.18bn Exchange Gain Allocation.

Federal Government received a total of N287.93bn from the N716.30bn. States received a total of N191.30bn and Local Governments received N143.70bn. The sum of N50.28bn 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 N5.24bn, N9.64bn and N4.47bn respectively as cost of revenue collections.

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

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