FG, States, LGs share N604bn for November 2020

The Federal Account Allocation Committee (FAAC) shared in November 2020, the sum of N604 billion to the Federal government, States and Local Government Areas, being the monthly allocation from the revenue generated in the month of October 2020.

This was disclosed in the latest FAAC disbursement report, released by the National Bureau of Statistics (NBS) on Tuesday.

The payout in November is NGN35.9 billion lower than the N639.9 billion in October 2020.

According to the report, the amount disbursed comprised of N377.15bn from the Statutory Account, N72bn from Distribution of FGN Intervention Fund, Distribution of N20bn from Stabilization Account, N7.39bn from FOREX Equalisation Account and N1bn from Excess Bank Charges Recovered.

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Federal Government received a total of N231.29bn from the N604bn. States received a total of N167.17bn and Local Governments received N124.71bn. The sum of N31.90bn 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 N5.19bn, N10.17bn, and N3.87bn respectively as cost of revenue collections.

Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N158.21bn was disbursed to the FGN consolidated revenue account; N4.05bn shared as share of derivation and ecology; N2.03bn as stabilization fund; N6.81bn for the development of natural resources; and N5.18bn to the Federal Capital Territory (FCT) Abuja.

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