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Economy | Nigeria Economy

FAAC Disburses N647.35bn in February 2020 - NBS

Apr 03, 2020   •   by   •   Source: Proshare   •   eye-icon 1819 views

Friday, April 03, 2020  05:30PM / NBS/ Header Image Credit:  NBS

 

The Federation Account AllocationCommittee (FAAC) disbursed the sum of N647.35bn to the three tiers of government in February 2020 from the revenuegenerated in January 2020.

 

The amount disbursed comprised of N524.59bn from the Statutory Account, N16.30bn from Non OilRevenue, N659.08m from Excess Bank Charges Recovered for the Month, N104.76bn from ValuedAdded Tax (VAT) and N1.04bn exchange gaindifferences.

 

Federal Government received a total of N267.39bn from the N647.35bn.States received a total of N176.92bn and LocalGovernments received N132.94bn. The sum of N46.20bn 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 N6.17bn, N6.94bn and N4bn respectively as cost of revenue collections.

 

Further breakdown of revenue allocation distribution to the FederalGovernment of Nigeria (FGN) revealed that the sum of N201.92bn was disbursed to the FGN consolidated revenue account; N4.80bn shared as share of derivation and ecology; N2.40bn as stabilization fund; N8.06bn for the development of natural resources; and N6.58 bn to the Federal Capital Territory (FCT) Abuja.

 

Click Here to DownloadFebruary 2020 FAAC PDF Report


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