TUE 09 FEB, 2021-theGBJournal- The Federation Account Allocation Committee (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 of FGN Intervention Fund, Distribution of N20bn from Stabilization Account, N7.39bn from FOREX Equalisation Account and N1bn from Excess Bank Charges Recovered.
Federal Government received a total of N231.29bn from the N604bn. States received a total of N167.17bn and Local Governments received N124.71bn. The sum of N31.90bn 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, N10.17bn, and N3.87bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N158.21bn was disbursed to the FGN consolidated revenue account; N4.05bn shared as share of derivation and ecology; N2.03bn as stabilization fund; N6.81bn for the development of natural resources; and N5.18bn to the Federal Capital Territory (FCT) Abuja.