Babajide Okeowo
The Federation Account Allocation Committee (FAAC) in November 2020 disbursed the sum of N604 billion to the three tiers of government from the revenue generated in October 2020.
This is according to the latest FAAC report for the month of November 2020, recently released by the National Bureau of Statistics (NBS).
According to the report, the monthly disbursement declined by 5.6% compared to N639.9 billion shared in October 2020 and 11.4% lower than N682.1 billion disbursed in September 2020.
The amount disbursed comprised of N377.15 billion from the Statutory Account, N72 billion from Distribution of FGN Intervention Fund, Distribution of N20 billion from Stabilization Account, N7.39 billion from FOREX Equalisation Account, and N1 billion from Excess Bank Charges Recovered.
The Federal Government received a sum of N231.29 billion from the total allocation of N604 billion. States received a total of N167.17 billion and Local governments received N124.71 billion, while the sum of N31.90 billion was shared among the oil-producing states as a 13% derivation fund.
Also, revenue-generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), and Department of Petroleum Resources (DPR) received N5.19 billion, N10.17 billion, and N3.87 billion respectively as cost of revenue collections.