NBS says FAAC disbursed N619.34bn in January

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NBS says FAAC disbursed N619.34bn in January

The Federation Account Allocation Committee (FAAC) has disbursed the sum of N619.34billion to the three tiers of government in December 2020 from the revenue generated in January 2021.

The amount disbursed comprised N437.26billion from the Statutory Account, N3.83billion as Exchange Gain Difference, N6.90billion from Distribution of FOREX Equalisation and N171.36billion from Valued Added Tax (VAT).

Federal Government received a total of N218.30billion from the N619.34billion. States received a total of N178.30billion and Local Governments received N131.79billion.

The sum of N31.83billion was shared among the oil-producing states as 13per cent derivation fund.

Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.99billion, N10.43billion and N6.36billlion respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N146.33billion was disbursed to the FGN consolidated revenue account; N3.69billion shared as a share of derivation and ecology; N1.85billion as stabilization fund; N6.20billion for the development of natural resources; and N5.22billion to the Federal Capital Territory (FCT) Abuja.

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