FAAC Doled Out N780.93 Billion in April 2020-NBS

June 2, 2020/NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N780.93bn to the three tiers of government in April 2020 from the revenue generated in March 2020.

The amount disbursed comprised of N478.18bn from the Statutory Account, N119.50bn from Excess Oil Revenue, N120.27bn from Valued Added Tax (VAT) and N62.98bn from Exchange Gain Differences.

Federal Government received a total of N264.33bn from the N780.93bn. States received a total of N181.49bn and Local Governments received N135.95bn. The sum of N54.29bn 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 N6.09bn, N10.20bn and N5.74bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N202.94bn was disbursed to the FGN consolidated revenue account; N4.70bn shared as share of derivation and ecology; N2.35bn as stabilization fund; N7.89bn for the development of natural resources; and N5.78bn to the Federal Capital Territory (FCT) Abuja.

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