Tuesday, February 09,2021 08:50 AM / by NBS/ Header Image Credit:  NBS

The Federation Account AllocationCommittee (FAAC) disbursed the sum of N604bn to the three tiers of government in November 2020 from the revenue generated in October 2020.

The amount disbursed comprised of N377.15bn from the Statutory Account, N72bn from Distribution ofFGN Intervention Fund, Distribution of N20bn fromStabilization Account, N7.39bn from FOREX Equalisation Account and N1bn from Excess Bank Charges Recovered.

Federal Government received a total of N231.29bn fromthe N604bn. States received atotal of N167.17bn and Local Governmentsreceived N124.71bn. The sum of N31.90bn was shared among the oil producing states as 13%derivation fund.

Revenue generating agencies such as Nigeria CustomsService (NCS), Federal Inland Revenue Service (FIRS), and Department ofPetroleum Resources (DPR) received N5.19bn, N10.17bn, and N3.87bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distributionto the Federal Government of Nigeria (FGN) revealed that the sum of N158.21bn was disbursed to the FGN consolidatedrevenue account; N4.05bn shared as share ofderivation and ecology; N2.03bn asstabilization fund; N6.81bn for thedevelopment of natural resources; and N5.18bnto the Federal Capital Territory (FCT) Abuja.

ClickHere to Download November 2020 FAAC PDF Report

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