The Federation Account Allocation Committee (FAAC) disbursed the sum of N581.57bn to the three tiers of government in March 2020 from the revenue generated in February 2020.
The amount disbursed comprised of N466.06bn from the Statutory Account, N15.20bn from FOREX Equalisation Account, N99.55bn from Valued Added Tax (VAT) and N757.94m from Exchange Gain Differences.
Federal Government received a total of N236.12bn from the N581.57bn. States received a total of N159.01bn and Local Governments received N119.31bn. The sum of N45.31bn 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 N5.19bn, N5.85bn and N3.80bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N176.93bn was disbursed to the FGN consolidated revenue account; N4.22bn shared as share of derivation and ecology; N2.11bn as stabilization fund; N7.09bn for the development of natural resources; and N5.10bn to the Federal Capital Territory (FCT) Abuja.