OpeOluwani Akintayo
Lagos — The Department of Petroleum Resources, DPR, received the sum of N3 billion from the Federal Account Allocation Committee, FAAC in the month of May.
Newly released data showed that DPR got a total of N3.12bn as cost of revenue generation for the period, while other revenue-generating agencies such as the Nigeria Customs Service, NCS, and the Federal Inland Revenue Service, FIRS received N5.38bn, and N6.78bn respectively.
The sum of N46.35bn was shared among the oil-producing states as 13% derivation fund.
The FAAC) disbursed a total of N616.20bn to the three tiers of government in May 2019 from the revenue generated in April 2019.
The amount disbursed comprised of N518.92bn from the Statutory Account, N96.49bn from Valued Added Tax, VAT and N797.11mln exchange gain differences.
The federal government received a total of N253.92bn from the N616.20bn. States received a total of N168.06bn and Local governments received N126.28bn.
Further breakdown of revenue allocation distribution to the federal government revealed that the sum of N199.58bn was disbursed to the FGN consolidated revenue account; N4.56bn shared as a share of derivation and ecology; N2.28bn as stabilization fund; N7.65bn for the development of natural resources; and N5.44bn to the Federal Capital Territory (FCT) Abuja.
