The Federation Account Allocation Committee (FAAC) disbursed the sum of N605.59bn to the three tiers of government in March 2021 from the revenue generated in February 2021 The amount disbursed comprised of N439.10bn from the Statutory Account, N157.33bn from Valued Added Tax (VAT), N8.65bn from FOREX Equalization and N0.52bn from Distribution of Excess Bank Charges.
The Federal Government received a total of N205.16bn from the N605.59bn while States received a total of N166.08bn and Local Governments received N122.85bn. The sum of N37.14bn was shared among the oil producing states from the 13% derivation fund Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.80bn, N8.31bn and N6.50bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N100.72bn was disbursed to the FGN consolidated revenue account; N3.48bn shared as share of derivation and ecology; N1.74bn as stabilization fund; N5.84bn for the development of natural resources; and N4.89bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics