Headquarters of the Department of Petroleum Resources in Lagos.
*Oil-producing states share N51bn
OpeOluwani Akintayo
Lagos — The Department of Petroleum Resources, DPR, received N5.02 billion from the Federation Account Allocation Committee, FAAC, in August.
The Committee disbursed the sum of N769.53bn to the three tiers of government in August 2019 from the revenue generated in July 2019.
Other revenue-generating agencies such as Nigeria Customs Service, NCS; and Federal Inland Revenue Service, FIRS, received N5.70bn and N11.14bn respectively as cost of revenue collections.
The sum of N51.63bn was shared among the oil-producing states as 13% derivation fund, and N9.13bn was allocated for the development of natural resources.
The amount disbursed comprised of N607.37bn from the Statutory Account, N94.16bn from Valued Added Tax, VAT and N999.99m exchange gain differences.
The Federal Government received a total of N299.80bn from the N769.53bn while the states received a total of N190.38bn and local governments, N143.57bn.
Further breakdown of the revenue allocation to the federal government revealed that the sum of N241.81bn was disbursed to the FGN consolidated revenue account; N5.43bn shared as share of derivation and ecology; N2.72bn as stabilisation fund; and N6.30bn went to the Federal Capital Territory, FCT Abuja.
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