Thursday, February 11,2021 07:30 AM / by NBS/ Header Image Credit: NBS

The FederationAccount Allocation Committee (FAAC) disbursed the sum of N601.11bn to the three tiers of government in December  2020 fromthe revenue generated in November 2020.

The amountdisbursed comprised of N436.46bn from theStatutory Account, N7.87bn from FOREXEqualisation Account and N156.79bn from Value Added Tax.

FederalGovernment received a total of N215.60bn from the N601.11bn. States received a total of N171.17bn and Local Governments received N126.79bn. The sum of N31.39bn was shared among the oil producing states as 13%derivation fund.

Revenuegenerating agencies such as Nigeria Customs Service (NCS), Federal InlandRevenue Service (FIRS), and Department of Petroleum Resources (DPR) received N7.87bn, N9.41bn, and N3.98bn respectively as cost of revenue collections.

Furtherbreakdown of revenue allocation distribution to the Federal Government ofNigeria (FGN) revealed that the sum of N143.82bn was disbursed to the FGN consolidated revenueaccount; N3.68bn shared asshare of derivation and ecology; N1.84bn asstabilization fund; N6.18bn for thedevelopment of natural resources; and N5.08bn to the Federal Capital Territory (FCT) Abuja.

ClickHere to Download December 2020 FAAC PDF Report

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4.    N454.69bn Generated asValue Added Tax in Q4 2020 - NBS

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8.     Headline Inflation Increases by 15.75% YoY In December2020, 0.86% Higher Than November 2020 Rate

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