The Federation Account Allocation Committee (FAAC) disbursed the sum of N970.57bn to the three tiers of government in July 2021 from the revenue generated in June 2021. The amount disbursed comprised of N812.41bn from the Statutory Account, N154.47bn from Valued Added Tax (VAT) and N3.69bn from Distribution of Exchange Gain difference.
The Federal Government received a total of N304.95bn from the N970.57bn while States received a total of N215.57bn and Local Governments received N161.10bn. The sum of N51.47bn 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 N8.37bn, N17.50bn and N11.05bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N192.59bn was disbursed to the FGN consolidated revenue account; N5.38bn shared as share of derivation and ecology; N2.69bn as stabilization fund; N9.04bn for the development of natural resources; and N6.77bn to the Federal Capital Territory (FCT) Abuja
Data source: National Bureau of Statistics