DPR receives N3bn from FAAC in April

 …Oil-producing states share N49bn

The Department of Petroleum Resources, DPR, received N3.87 billion from the Federation Account Allocation Committee, FAAC, cost of revenue collections in April 2019

According to newly-released data, DPR got the lowest allocation among the Federal government’s three revenue collection agencies, the others being the Nigeria Customs Service, NCS, and Federal Inland Revenue Service, FIRS.

The Nigerian Customs Service and the Federal Inland Revenue Service received N5.12 billion and N6.15 billion respectively in the month under review.

The FAAC disbursed the sum of N617.57 billion to the three tiers of government in April 2019 from the revenue generated in March.

The amount disbursed comprised of N446.65 billion from the Statutory Account; N92.18 billion from Valued Added Tax, VAT; N55 billion as Good and Value Consideration; N10 billion as additional funds from NNPC, N13.09 billion distributed as FOREX Equalisation Fund and N652.55 million exchange gain differences.

The Federal Government received a total of N257.76 billion from the N617.57 billion, states received N168.25 billion and local governments received N126.58 billion.

The sum of N49.82 billion was shared among the oil producing states as 13% derivation fund.

A further breakdown of revenue allocation distribution to the federal government revealed that N203.11 billion was disbursed to the FGN consolidated revenue account; N4.64 billion shared as share of derivation and ecology; N2.32 billion as stabilisation fund; N7.80 billion for the development of natural resources; and N5.49 billion to the Federal Capital Territory, Abuja.

SOURCE: sweetcrudereports.com