By Elizabeth Adegbesan


Buhari presides over FEC at First Lady Conference Hall

The accruals to the three tiers of government from the Federation Account Allocation Committee (FAAC), stabilised to N640.31 billion in February, 2021, after a major leap was recorded in January at N619.4 billion. Finance Ministry source had told Vanguard that the account would show steady increases month-on-month for the rest of the year as oil prices continued to stabilise.

The five months statistics had shown a steady monthly decline throughout fourth quarter 2020 from N639.9 billion in October last year.

But the new rise in February figures is still significantly below the corresponding level in February 2020 which was N647.35 billion.

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The NBS disclosed this yesterday in its FAAC February 2021 disbursement Report, saying: “The amount disbursed comprised N482.96 billion from the Statutory Account and N157.35 billion from Valued Added Tax (VAT).”

According to the report, the federal government received a total of N227 billion from the N640.31 billion. This was four percent higher than N618.30 billion received in January. States received N177.17 billion, down by 0.6 percent when compared to N178.30 billion received in January.

Local Governments received N131.40 billion during the period, representing a 0.3 percent decline when compared with N131.78 billion received in January.

The report further 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.

  “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

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