The Federation Account Allocation Committee (FAAC) has disbursed the sum of N639.90 billion to the three ties of government in October 2020 from the revenue generated in September 2020.
The National Bureau of Statistics (NBS) revealed on its website on Friday that the amount disbursed comprised of N341.50bn from the statutory account, N72bn from Distribution of Federal Government of Nigeria (FGN) Intervention Fund, Distribution of N45bn from Non-Oil Revenue, N39.54bn from FOREX Equalization Account and N141.86bn from Value Added Tax (VAT).
Out of the figure, the federal government received N255.75bn from the N639.90bn, states got N185.65bn while local government received N138.44bn.
It said the sum of N36.19bn was shared among the oil-producing states as 13 percent derivation fund.
The report showed that revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Departure 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 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).
