OpeOluwani Akintayo
Lagos — The Department of Petroleum Resources, DPR received N3 billion from the Federation Account Allocation Committee, FAAC as cost of revenue collections in March.
Newly released data by the NBS says the department got a total of N3.91 billion last month as against N4.07 billion in February.
The FAAC disbursed the sum of N619.86bn to the three tiers of government in March 2019 from the revenue generated in February 2019.
Other revenue generating agencies such as the Nigeria Customs Service, NCS, and the Federal Inland Revenue Service, FIRS, also received N3.91bn, and N6.49bn respectively as cost of revenue collections.
The amount disbursed comprised of N474.42bn from the Statutory Account, N96.39bn from Valued Added Tax, VAT, N4.02bn as excess bank charges recovered, N44.17bn distributed as FOREX Equalisation Fund and N858.46mln exchange gain differences.
Federal Government received a total of N257.68bn from the N619.85bn.
States received a total of N169.93bn and Local Governments received N127.72bn.
The sum of N50.95bn was shared among the oil-producing states as 13% derivation fund.
Further breakdown of revenue allocation distribution to the federal government revealed that the sum of N203.04bn was disbursed to the federal government’s consolidated revenue account; N4.63bn shared as a share of derivation and ecology; N2.31bn as stabilisation fund; N7.77bn for the development of natural resources; and N5.52bn to the Federal Capital Territory, FCT Abuja.
