The Federation Account Allocation Committee (FAAC) disbursed the sum of N681.00bn to the three tiers of government in June 2021 from the revenue generated in May 2021. The amount disbursed comprised of N420.26bn from the Statutory Account, N181.08bn from Valued Added Tax (VAT), N77.94bn from Non-Oil Excess Account, and N1.73bn from Distribution of Exchange Gain. The Federal Government received a total of N242.12bn from the N681.00bn while States received a total of N194.20bn and Local Governments received N143.74bn. The sum of N25.90bn 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 N8.00bn, N11.33bn and N.5.31bn respectively as cost of revenue collections. Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N134.79bn was disbursed to the FGN consolidated revenue account; N4.12bn shared as share of derivation and ecology; N2.05bn as stabilization fund; N6.92bn for the development of natural resources; and N5.75bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics