The Federation Account Allocation Committee (FAAC) disbursement to the three tiers of government dropped by 6.4 percent to N693.52billion in October, from N740.87 billion in September 2019, figures released by the statistical agency show.
According the National Bureau of Statistics report on Wednesday, the total amount disbursed in October was from the revenue generated in September 2019 which comprised of N599.70 billion from the Statutory Account, N92.87billion from Valued Added Tax (VAT) and N954.20million exchange gain differences.
A breakdown of the fund shows that Federal Government received a total of N293.80 billion, States received a total of N186.81billion, while the Local Governments received N140.86billion. The sum of N51.53billion was shared among the oil producing states as 13 percent derivation fund.
Also, revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.61billion, N8.18billion and N5.70billion, respectively as cost of revenue collections.
A further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) shows that the sum of N226.21billion was disbursed to the FGN consolidated revenue account; N5.32billion was shared as share of derivation and ecology; N2.66billion as stabilisation fund; N8.94billion for the development of natural resources; and N6.17billion to the Federal Capital Territory (FCT) Abuja.
