The National Bureau of Statistics (NBS) says the Federation Account Allocation Committee (FAAC) disbursed the sum of N660.37bn to the three tiers of government in February 2019 from the revenue generated in January 2019.
According to NBS, the amount disbursed comprised of N497.12bn from the Statutory Account, N104.47bn from Valued Added Tax (VAT), N8.12bn as excess charges recovered, N50bn distributed as FOREX Equalisation Fund and N654.70mln exchange gain differences.
Federal Government received a total of N275.33bn from the N660.37bn. Meanwhile, States received a total of N182.17bn and Local Governments received N136.88bn. The sum of N48.49bn was shared among the oil-producing states as 13% derivation fund.
Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.66bn, N7.62bn and N4.07bn respectively as the cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N221.33bn was disbursed to the FGN consolidated revenue account; N4.94bn shared as share of derivation and ecology; N2.47bn as stabilization fund; N8.30bn for the development of natural resources; and N5.90bn to the Federal Capital Territory (FCT) Abuja.