FG, States, LGAs share N547.31bn billion FAAC allocation f`or June

Must Read

FG, States, LGAs share N528.39bn FAAC allocation in Jan 2021

The Federation Account Allocation Committee (FAAC) disbursed the sum of N619.34bn to the three tiers of government in December...

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 -

According to the FAAC disbursement data released by the National Bureau of Statistics (NBS), the Federation Account Allocation Committee (FAAC) disbursed the sum of N547.31bn to the three tiers of government in June 2020 from the revenue generated in May 2020.

From the released data, the amount disbursed comprised of N413.95bn from the Statutory Account, N103.87bn from Valued Added Tax (VAT), N1.01bn from Excess Bank Charges Recovered for the Month and N28.47bn Exchange Gain Differences.

On the distribution to the tiers of government, Federal Government received a total of N219.80bn from the N547.31bn. States received a total of N152.47bn and Local governments received N114.09bn. The sum of N37.02bn was shared among the oil-producing states as 13% derivation fund.

Meanwhile, revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.24bn, N7.09bn and N1.98bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N161.74bn was disbursed to the FGN consolidated revenue account; N3.90bn shared as a share of derivation and ecology; N1.95bn as stabilization fund; N6.55bn for the development of natural resources; and N4.82bn to the Federal Capital Territory (FCT) Abuja.

- Advertisement -
FG, States, LGAs share N547.31bn billion FAAC allocation f`or June - Brand SpurFG, States, LGAs share N547.31bn billion FAAC allocation f`or June - Brand Spur
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

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

FG, States, LGAs share N547.31bn billion FAAC allocation f`or June - Brand SpurFG, States, LGAs share N547.31bn billion FAAC allocation f`or June - Brand Spur

Latest News

Balyesa, Delta Beat Lagos To Become Top Investment Spots For Q1 2021 – NIPC

Nigerian Investment Promotion Commission (NIPC) reports that US$8.41 billion was tracked as investment announcements for Q1 2021, about 75%...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -FG, States, LGAs share N547.31bn billion FAAC allocation f`or June - Brand SpurFG, States, LGAs share N547.31bn billion FAAC allocation f`or June - Brand Spur