The Federation Account Allocation Committee (FAAC) disbursed the sum of N740.87bn to the three tiers of government in September 2019 from the revenue generated in August 2019.
The amount disbursed comprised of N610.04bn from the Statutory Account, N20bn from Forex Equalisation Account, N1.754bn from Excess Bank Charges Recovered for the Month, N88.08bn from Valued Added Tax (VAT) and N1bn exchange gain differences.
Federal Government received a total of N310.97bn from the N740.87bn. States received a total of N193.57bn and Local governments received N146.23bn. The sum of N48.74bn 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 N5.34bn, N10.99bn and N3.644bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N242.01bn was disbursed to the FGN consolidated revenue account; N5.66bn shared as share of derivation and ecology; N2.83bn as stabilization fund; N9.51bn for the development of natural resources; and N6.47bn to the Federal Capital Territory (FCT) Abuja.