FAAC Says N676.41 Billion Disbursed in August 2020-NBS

September 23, 2020/NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N676.41bn to the three tiers of government in August 2020 from the revenue generated in July 2020.

The amount disbursed comprised of N543.79bn from the Statutory Account and N132.62bn from Valued Added Tax (VAT).

Federal Government received a total of N273.19bn from the N676.41bn. States received a total of N190.85bn and Local Governments received N142.76bn. The sum of N42.85bn 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 N5.65bn, N10.21bn and N4.22bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N210.94bn was disbursed to the FGN consolidated revenue account; N4.83bn shared as share of derivation and ecology; N2.42bn as stabilization fund; N8.12bn for the development of natural resources; and N6.03bn to the Federal Capital Territory (FCT) Abuja.

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