OpeOluwani Akintayo
Lagos — The Department of Petroleum Resources, DPR, received the sum of N4.07 billion from the Federation Account Allocation Committee FAAC in February.
Newly released statistics by the National Bureau of Statistics, NBS, said the money was the cost of revenue collection for the month.
Other revenue collecting agencies such as Nigeria Customs Service, NCS, and Federal Inland Revenue Service, FIRS received N5.66bn, and N7.62bn respectively.
The FAAC disbursed the sum of N660.37bn to the three tiers of government in February 2019 from the revenue generated in January 2019.
The amount disbursed comprised of N497.12bn from the Statutory Account, N104.47bn from Valued Added Tax, VAT, N8.12bn as excess charges recovered, N50bn distributed as FOREX Equalisation Fund and N654.70mln exchange gain differences.
Federal Government received a total of N275.33bn from the N660.37bn.
States received a total of N182.17bn and Local Governments received N136.88bn.
The sum of N48.49bn was shared among the oil-producing states as 13% derivation fund.
A further breakdown of revenue allocation distribution to the federal government revealed that the sum of N221.33bn was disbursed to the federal government’s consolidated revenue account; N4.94bn shared as share of derivation and ecology; N2.47bn as stabilisation fund; N8.30bn for the development of natural resources; and N5.90bn to the Federal Capital Territory, FCT Abuja.
