The National Bureau of Statistics (NBS) on Tuesday, September 21, said the Federation Account Allocation Committee (FAAC) disbursed the sum of N696.18 billion to the three tiers of government in July 2020 from the revenue generated in June 2020.
The report by NBS stated that the amount disbursed comprised of N474.53billion from the Statutory Account, N128.83billion from Valued Added Tax (VAT), N42.83billion from Exchange Gain Differences and Distribution of N50billion from Non-Oil Revenue for the Month.
According to the report: “Federal Government received a total of N266.13billion from the N696.18billion. States received a total of N185.77billion and Local Governments received N138.97billlion. The sum of N28.50billion was shared among the oil-producing states as 13per cent derivation fund.
“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.32billion, N15.05billion and N2.68billion respectively as cost of revenue collections.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N204.44billion was disbursed to the FGN consolidated revenue account; N4.71billion shared as share of derivation and ecology; N2.36billion as stabilization fund; N7.91billion for the development of natural resources; and N5.87billion to the Federal Capital Territory (FCT) Abuja.”