The Federation Account Allocation Committee (FAAC) disbursed the sum of N647.35bn to the three tiers of government in February 2020 from the revenue generated in January 2020.
The amount disbursed comprised of N524.59bn from the Statutory Account, N16.30bn from Non-Oil Revenue, N659.08m from Excess Bank Charges Recovered for the Month, N104.76bn from Valued Added Tax (VAT) and N1.04bn exchange gain differences.
Federal Government received a total of N267.39bn from the N647.35bn. States received a total of N176.92bn and Local Governments received N132.94bn.
The sum of N46.20bn 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 N6.17bn, N6.94bn and N4bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N201.92bn was disbursed to the FGN consolidated revenue account; N4.80bn shared as a share of derivation and ecology; N2.40bn as stabilization fund; N8.06bn for the development of natural resources; and N6.58 bn to the Federal Capital Territory (FCT) Abuja.