National Bureau of Statistics has said that “the Federation Account Allocation Committee (FAAC) disbursed the sum of N601.11 billion to the three tiers of government in December 2020 from the revenue generated in November 2020”. The Bureau in a report on its website said “The amount disbursed comprised of N436.46 billion from the Statutory Account, N7.87 billion from FOREX Equalisation Account and N156.79 billion from Value Added Tax”.
It said that the “Federal Government received a total of N215.60 billion from the N601.11 billion. States received a total of N171.17 billion and Local Governments received N126.79 billion. The sum of N31.39 billion was shared among the oil producing states as 13 per cent derivation fund. Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N7.87 billion, N9.41 billion, and N3.98 billion respectively as cost of revenue collections.
“Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N143.82 billion was disbursed to the FGN consolidated revenue account; N3.68 billion shared as share of derivation and ecology; N1.84 billion as stabilisation fund; N6.18 billion for the development of natural resources; and N5.08 billion to the Federal Capital Territory (FCT) Abuja”.
