By Babajide Okeowo
The three tiers of government shared N639.90bn from the Federation Account Allocation Committee (FAAC) in October 2020 from the revenue generated in September 2020 the Nigerian Bureau of Statistics has revealed.
The amount disbursed comprised of N341.50bn from the Statutory Account, N72bn from Distribution of FGN Intervention Fund, Distribution of N45bn from Non-Oil Revenue, N39.54bn from FOREX Equalisation Account, and N141.86bn from Valued Added Tax (VAT).
Federal Government received a total of N255.75bn from the N639.90bn. States received a total of N185.65bn and Local governments received N138.44bn. The sum of N36.19bn was shared among the oil-producing states as a 13% derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N6.50bn, N8.54bn, and N2.77bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N180.75bn was disbursed to the FGN consolidated revenue account; N4.48bn shared as a share of derivation and ecology; N2.24bn as stabilization fund; N7.52bn for the development of natural resources; and N5.74bn to the Federal Capital Territory (FCT) Abuja.