The Federation Account Allocation Committee (FAAC) disbursed the sum of N696.36bn to the three tiers of government in May 2021 from the revenue generated in April 2021. The amount disbursed comprised of N496.83bn from the Statutory Account, N176.71bn from Valued Added Tax (VAT), N30.00bn from Non-Oil Excess Account, and N0.56bn from Excess Bank Charges and N20.00bn from Distribution of Exchange Gain.
The Federal Government received a total of N244.01bn from the N696.36bn while States received a total of N193.43bn and Local Governments received N143.30bn. The sum of N36.15bn was shared among the oil producing states from the 13% derivation fund. The Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N6.64bn, N11.51n and N.7.70bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N136.52bn was disbursed to the FGN consolidated revenue account; N4.16bn shared as share of derivation and ecology; N2.08bn as stabilization fund; N7.00bn for the development of natural resources; and N5.76bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics