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FAAC donated N639.9 billion in October 2020 as allocation drops by 6.2%

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Finance Act 2020

The Federal Account Allocation Committee (FAAC) donated a sum of N639.9 billion to the three tiers of government in October 2020 from the revenue generated in September 2020.

Meanwhile, the monthly disbursement dropped by 6.2% in October compared to N682.1 billion shared in September and 5.4% decline compared to N676.4 billion shared in August 2020.

It means that the federal government received a total of N255.75bn from the N639.90bn while states received a total of N185.65bn and local governments received N138.44bn.

Techeconomy.ng obtained this from the latest monthly FAAC’s disbursement report, released by the National Bureau of Statistics (NBS) on Monday, December 7. 

The report read in part: “The Federation Account Allocation Committee (FAAC) disbursed the sum of N639.90bn to the three tiers of government in October 2020 from the revenue generated in September 2020.

“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).

“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.

“The 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 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.”

 

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