Monday, March 09,2020 04:30 PM / NBS/ Header Image Credit: NBS
The Federation Account AllocationCommittee (FAAC) disbursed the sum of N650.83bn to the three tiers ofgovernment in December 2019 from the revenue generated in November 2019.
The amount disbursed comprised of N491.88bn from theStatutory Account, N90.17bn from Valued Added Tax (VAT), N53bnfrom FOREX Equalisation Account, N15bn from Good and Valuable ConsiderationAccount and N784.83m Exchange Gain Allocation.
Federal Government received a total of N274.76bn fromthe N650.83bn. States received a total of N176.06bn and Local Governmentsreceived N132.66bn. The sum of N51.07bn was shared among the oil producingstates as 13% derivation fund.
Revenue generating agencies such as Nigeria CustomsService (NCS), Federal Inland Revenue Service (FIRS) and Department ofPetroleum Resources (DPR) received N5.42bn, N6.86bn and N3.90bn respectively ascost of revenue collections.
Further breakdown of revenue allocation distributionto the Federal Government of Nigeria (FGN) revealed that the sum of N208.68bnwas disbursed to the FGN consolidated revenue account; N4.97bn shared as shareof derivation and ecology; N2.48bn as stabilization fund; N8.35bn for thedevelopment of natural resources; and N5.80bn to the Federal Capital Territory(FCT) Abuja.
Click Here to DownloadDecember 2019 FAAC PDF Report
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