FAAC disburses N604bn to Nigeria’s govts

The Federation Account Allocation Committee has shared N604bn to the federal, states and local governments of Nigeria for the month of November 2020. The revenue was generated in October.

The National Bureau of Statistics disclosed this in its ‘FAAC November 2020 Disbursement’ report.

It explained that the amount disbursed comprised N377.15bn from the statutory account, N72bn from distribution of Federal Government’s intervention fund, distribution of N20bn from stabilisation account, N7.39bn from Forex equalisation account and N1bn from excess bank charges recovered.

The NBS report also showed that the Federal Government received N231.29bn from the N604bn, states got N167.17bn and local governments got N124.71bn.

It further revealed that N31.90bn was shared among the oil producing states as 13 per cent derivation fund.

Revenue generating agencies such as Nigeria Customs Service, Federal Inland Revenue Service, and Department of Petroleum Resources received N5.19bn, N10.17bn, and N3.87bn respectively as cost of revenue collections, NBS also stated.

A further breakdown of revenue allocation distribution revealed that N158.21bn was disbursed to the Federal Government’s consolidated revenue account, N4.05bn shared as derivation and ecology, N2.03bn as stabilisation fund, N6.81bn for the development of natural resources and N5.18bn to the Federal Capital Territory, Abuja

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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