DPR receives N3bn from FAAC in May

Lagos -- The Department of Petroleum Resources, DPR, received the sum of N3.12 billion from the Federal Account Allocation Committee, FAAC, in the month of May.

The amount was paid to the agency as the cost of revenue generation for the period. Other revenue generating agencies, the Nigeria Customs Service, NCS, and the Federal Inland Revenue Service, FIRS, received N5.38 billion and N6.78 billion respectively.

The sum of N46.35 billion was shared among the oil producing states as 13% derivation fund.

The FAAC) disbursed a total of N616.20 billion to the three tiers of government in May 2019 from the revenue generated in April. The amount disbursed

comprised of N518.92 billion from the Statutory Account, N96.49 billion from Valued Added Tax, VAT, and N797.11 mIillion exchange gain differences.

The Federal government received a total of N253.92 billion from the N616.20 billion. states received N168.06 billion and

Llocal governments N126.28 billion.

A breakdown of revenue allocation distribution to the federal government revealed that the sum of N199.58 billion was disbursed to the Federal government consolidated revenue account; N4.56 biilion was share of derivation and

agos -- Downstream oil operator MRS Oil will hold its 50th Annual General Meeting, AGM, on August 7 in Lagos, according to the company's memo to the Nigerian Stock Exchange, NSE. ecology; N2.28 billion was disbursed as stabilisation fund; N7.65 billion for the development of natural resources; and N5.44 billion went to the Federal Capital Territory, FCT, Abuja.