BY NKECHI NAECHE-ESEZOBOR-The Federation Account Allocation Committee (FAAC) said it has disbursed the sum of N696.18bn to the three tiers of government in July 2020 from the revenue generated in June 2020.
The amount disbursed comprised of N474.53bn from the Statutory Account, N128.83bn from Valued Added Tax (VAT), N42.83bn from Exchange Gain Differences and Distribution of N50bn from Non-Oil Revenue for the Month.
Federal Government received a total of N266.13bn from the N696.18bn. States received a total of N185.77bn and Local Governments received N138.97bn. The sum of N28.50bn 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 N6.32bn, N15.05bn and N2.68bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N204.44bn was disbursed to the FGN consolidated revenue account; N4.71bn shared as share of derivation and ecology; N2.36bn as stabilization fund; N7.91bn for the development of natural resources; and N5.87bn to the Federal Capital Territory (FCT) Abuja.