Nigeria Customs Service Receives N7.87Bn From FAAC in December 2020

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Nigeria Customs Service Receives N7.87Bn From FAAC in December 2020 BRANDSPURNG

Nigeria Customs Service (NCS) received N7.87bn as cost of revenue collections.

The Federation Account Allocation Committee (FAAC) disbursed the sum of N601.11bn to the three tiers of government in December  2020 from the revenue generated in November 2020.

The amount disbursed comprised of N436.46bn from the Statutory Account, N7.87bn from FOREX Equalisation Account and N156.79bn from Value Added Tax.

Nigeria Customs Service Receives N7.87Bn From FAAC in December 2020 BRANDSPURNG

Federal Government received a total of N215.60bn from the N601.11bn. States received a total of N171.17bn and Local governments received N126.79bn. The sum of N31.39bn 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 N7.87bn, N9.41bn, and N3.98bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N143.82bn was disbursed to the FGN consolidated revenue account; N3.68bn shared as a share of derivation and ecology; N1.84bn as stabilization fund; N6.18bn for the development of natural resources; and N5.08bn to the Federal Capital Territory (FCT) Abuja.

Nigeria Customs Service Receives N7.87Bn From FAAC in December 2020 BRANDSPURNG