FG, States, LGAs share N640.31Bn FAAC Allocation for February 2021

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Petroleum Industry Bill FAAC Milking the Crisis: The progress on Petroleum Industry Bill
President Muhammadu Buhari - www.brandspurng.com

The Federation Account Allocation Committee (FAAC) disbursed the sum of N640.31bn to the three tiers of government in February 2021 from the revenue generated in January 2021.

The amount disbursed comprised of N482.96bn from the Statutory Account and N157.35bn from Valued Added Tax (VAT).

Federal Government received a total of N227bn from the N640.31bn. States received a total of N177.17bn and Local governments received N131.40bn. The sum of N28.78bn 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 N6.92bn, N11.40bn and N4.69bn respectively as cost of revenue collections.

FAAC Milking the Crisis: The progress on Petroleum Industry Bill
President Muhammadu Buhari – www.brandspurng.com

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N120.83bn was disbursed to the FGN consolidated revenue account; N3.89bn shared as a share of derivation and ecology; N1.95bn as stabilization fund; N6.54bn for the development of natural resources; and N5.31bn to the Federal Capital Territory (FCT) Abuja.