FAAC distribution up 34.3% to N780.93bn

FAAC distribution up 34.3% to N780.93bn
The Federation Account Allocation Committee (FAAC) disbursed the sum of N780.93 billion to the three tiers of government in April 2020 from the revenue generated in March 2020, representing an increase of 34.3 percent against N581.57 billion distributed among the three tiers of government in the previous month.
The amount disbursed, according to a report by the National Bureau of Statistics (NBS) released yesterday, comprised of N478.18 billion from the Statutory Account, N119.50 billion from Excess Oil Revenue, N120.27 billion from Valued Added Tax (VAT) and N62.98 billion from Exchange Gain Differences.
The report further showed that the federal government received a total of N264.33 billion from the N780.93 billion; states received a total of N181.49 billion, while the local governments received the sum of N135.95 billion. The sum of N54.29 billion was shared among the oil producing states as 13 percent derivation fund.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N202.94 billion was disbursed to the FGN consolidated revenue account; N4.70 billion shared as share of derivation and ecology; N2.35 billion as stabilization fund; N7.89 billion for the development of natural resources; and N5.78 billion to the Federal Capital Territory (FCT) Abuja.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.09 billion, N10.2 billion and N5.74 billion respectively as cost of revenue collections.

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