Economy

New NBS reports shows FAAC revenue stabilizing as FG, others share N640.31Billion

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The accruals to the three tiers of government from the Federation Account Allocation Committee (FAAC), stabilised to N640.31 billion in February, 2021, after a major leap was recorded in January at N619.4 billion. 

The NBS disclosed this on tuesday in its FAAC February 2021 disbursement Report, saying: “The amount disbursed comprised N482.96 billion from the Statutory Account and N157.35 billion from Valued Added Tax (VAT).”

According to the report, the federal government received a total of N227 billion from the N640.31 billion. This was four percent higher than N618.30 billion received in January. States received N177.17 billion, down by 0.6 percent when compared to N178.30 billion received in January.

Local Governments received N131.40 billion during the period, representing a 0.3 percent decline when compared with N131.78 billion received in January.

The report further stated: “The sum of N28.78 billion was shared among the oil producing states as 13 percent derivation fund.

  “Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.92 billion, N11.40 billion and N4.69 billion respectively as cost of revenue collections.

  “Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N120.83 billion was disbursed to the FGN consolidated revenue account; N3.89 billion shared as share of derivation and ecology; N1.95 billion as stabilization fund; N6.54 billion for the development of natural resources; and N5.31 billion to the Federal Capital Territory (FCT) Abuja

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