Finance & EconomyNews

FAAC Disburses N547.31bn in June 2020 – NBS

The Federation Account Allocation Committee (FAAC) disbursed the sum of N547.31bn to the three tiers of government in June 2020 from the revenue generated in May 2020.

The amount disbursed comprised of N413.95bn from the Statutory Account, N103.87bn from Valued Added Tax (VAT), N1.01bn from Excess Bank Charges Recovered for the Month and N28.47bn Exchange Gain Differences.

Federal Government received a total of N219.80bn from the N547.31bn. States received a total of N152.47bn and Local Governments received N114.09bn. The sum of N37.02bn 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 N5.24bn, N7.09bn and N1.98bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N161.74bn was disbursed to the FGN consolidated revenue account; N3.90bn shared as share of derivation and ecology; N1.95bn as stabilization fund; N6.55bn for the development of natural resources; and N4.82bn to the Federal Capital Territory (FCT) Abuja.

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