FAAC Disburses N762.6bn in July 2019 – NBS

Must Read

Lagos Ready To Deliver 4th Mainland Bridge – Sanwo-Olu (Photos)

A major step towards the realisation of the 4th Mainland Bridge was today, taken by the State Government with...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The Federation Account Allocation Committee (FAAC) disbursed the sum of N762.6bn to the three tiers of government in July 2019 from the revenue generated in June 2019. 

The amount disbursed comprised of N652.95bn from the Statutory Account, N108.63bn from Valued Added Tax (VAT) and N1.02bn exchange gain differences.

Federal Government received a total of N309.43bn from the N762.60bn. States received a total of N201.16bn and Local governments received N151.38bn. The sum of N38.70bn 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 N4.90bn, N13.92bn and N4.10bn respectively as cost of revenue collections.

- Advertisement -

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N250.71bn was disbursed to the FGN consolidated revenue account; N5.58bn shared as share of derivation and ecology; N2.79bn as stabilization fund; N9.37bn for the development of natural resources; and N6.58  bn to the Federal Capital Territory (FCT) Abuja.


- Advertisement -
FAAC Disburses N762.6bn in July 2019 - NBS - Brand SpurFAAC Disburses N762.6bn in July 2019 - NBS - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Read Also:  NCC destroys N600 million worth of pirated works
FAAC Disburses N762.6bn in July 2019 - NBS - Brand SpurFAAC Disburses N762.6bn in July 2019 - NBS - Brand Spur

Latest News

DHL decarbonizes all ‘less-than-container’ load shipments in Ocean Freight globally

DHL Global Forwarding is the first logistics service provider to offer truly climate neutral ocean freight shipments without additional costs Thanks to...

2020 World Cleanup Day – Let’s Keep Taitung Beautiful

TAITUNG, TAIWAN - Media OutReach - 30 September 2020 - World Cleanup Day (WCD) is the global social action volunteer program held in coordination with LET'S DO IT! on the...

Puxing Energy Completes the Acquisition of 100% of Equity Interests of Quzhou Puxing

HONG KONG, CHINA - Media OutReach - 30 September 2020 - Puxing Energy Limited ("Puxing Energy" or the "Company", together with its subsidiaries, the "Group"; stock code: 00090), the leading clean...

CIFI’s ESG rating upgraded to ‘BB’ by MSCI for improvement in risk management and outstanding performance in product safety and quality control

HONG KONG, CHINA - Media OutReach - 30 September 2020 - CIFI Holdings (Group) Co. Ltd. ("CIFI" or the "Group", HKEx stock code: 884), a leading real estate developer and investor in...

Midea Announces 3rd Sponsorship Of 2020 AFF Suzuki Cup

Leading consumer appliances company aims to expand its global footprint by engaging the 492 million fans of Southeast Asia’s premier football tournament SINGAPORE - Media...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FAAC Disburses N762.6bn in July 2019 - NBS - Brand SpurFAAC Disburses N762.6bn in July 2019 - NBS - Brand Spur