By Eyo Nsima
The Federation Account Allocation Committee (FAAC), accruals stabilized to N640.31 billion in February 2021.
Disclosing this in its FAAC February 2021 disbursement Report, the National Bureau of Statistics, NBS, stated: “The amount disbursed comprised N482.96 billion from the Statutory Account and N157.35 billion from Valued Added Tax (VAT).”
It stated: “The sum of N28.78 billion was shared among the oil-producing states as 13 percent derivation fund.
“Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.92 billion, N11.40 billion and N4.69 billion respectively as cost of revenue collections.”
It also added: “Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N120.83 billion was disbursed to the FGN consolidated revenue account; N3.89 billion shared as share of derivation and ecology; N1.95 billion as stabilization fund; N6.54 billion for the development of natural resources; and N5.31 billion to the Federal Capital Territory (FCT) Abuja.”
