DPR receives N6.6bn from FAAC in September

OpeOluwani Akintayo

Lagos — The Department of Petroleum Resources, DPR, received the sum of N6.66 billion from the Federation Account Allocation Committee, FAAC, for the month of September 2020.

The Department received the allocation as cost of revenue collections for the month.

The FAAC had disbursed the sum of N682.06bn to the three tiers of government in September from the revenue generated in August.

Other revenue-generating agencies of government, such as the Nigeria Customs Service, NCS, and Federal Inland Revenue Service, FIRS, received N13.48bn and N5.70bn respectively.

The Federal Government received a total of N272.90bn from the N682.06bn.

States received N197.65bn and local governments, N147.42bn.

The sum of N30.88bn 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 N196.56bn was disbursed to the FGN consolidated revenue account; N4.78bn shared as share of derivation and ecology; N2.39bn as stabilisation fund; N8.03bn for the development of natural resources; and N6.12bn went to the Federal Capital Territory, FCT Abuja.

Appeared on SweetCrude

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