FAAC Shared N647.35bn in February 2020

• FAAC Shared N647.35bn in February 2020

The Federation Account Allocation Committee (FAAC) shared a total sum of N647.35 billion from the revenue generated in January 2020 between the three tiers of government in February 2020.

The amount shared includes N524.59 billion from the Statutory Account, N16.30 billion from Non-Oil Revenue, N659.08 million from Excess Bank Charges Recovered for the Month, N104.76 billion from Valued Added Tax (VAT) and N1.04 billion exchange gain differences.

A total of N267.39 billion was disbursed to the Federal Government from the total amount, while the sum of N176.92 billion was distributed to the states. Local governments and oil-producing states received N132.94 billion and 13 percent derivation fund, respectively.

Accordingly, revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.17 billion, N6.94 billion and N4 billion respectively as cost of revenue collections.

A further breakdown of allocation shows the sum of N201.92 billion was disbursed to the FGN consolidated revenue account; N4.80 billion shared as a share of derivation and ecology; N2.40 billion as stabilization fund; N8.06 billion for the development of natural resources; and N6.58 billion to the Federal Capital Territory (FCT) Abuja.