The Federation Account Allocation Committee (FAAC) shared the sum of N619.34bn among the three tiers of government from the revenue generated in January 2021, Eye9ja learned.
The report which was released by the Nigerian Bureau of Statistics (NBS) on Wednesday March 24, 2021 explained that the disbursement was meant for December 2020 allocation.
FG, States, LGs Share ₦619.34 Billion From January 2021 Revenue – NBS
According to the reported, the disbursed amount comprised of N437.26bn from the Statutory Account, N3.83bn as Exchange Gain Difference, N6.90bn from Distribution of FOREX Equalization and 171.36bn from the Valued Added Tax (VAT).
The report stated that the Federal Government received a total share of N218.30bn from the N619.34bn. Stating that the 36 States received a total share of N178.30bn while Local Governments received N131.79bn.
The oil producing states received a total share of N31.83bn as 13 Percent derivation fund.
Other beneficiaries of the fund included revenue generating agencies. The Nigerian Custom Service (NCS) received a total share of N6.99bn, Federal Inland Revenue Service (FIRS) received a total share of N10.43bn and Department of Petroleum Resources (DPR) received a total share of N6.36bn. The agencies received the money as cost of revenue collections.
Further breakdown of the revenue allocation distribution to the Federal Government revealed that the sum of N146.33bn was disbursed to the FG consolidated revenue account; share of derivation and ecology received a shared of N3.69bn; N1.85bn shared as share of stabilization fund; N6.20 shared for the development of natural resources; while N5.22bn was disbursed to the Federal Capital Territory (FCT) Abuja.