The Federation Account Allocation Committee (FAAC) disbursed the sum of N824.22bn to the three tiers of government in August 2021 from the revenue generated in July 2021. The amount disbursed comprised of N670.63bn from the Statutory Account, N151.13bn from Valued Added Tax (VAT) and N2.46bn from Exchange Gain difference.
The Federal Government received a total of N321.23bn from the N824.22bn while States received a total of N222.51bn and Local Governments received N166.56bn. The sum of N50.42bn 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 N7.74bn, N12.19bn and N8.22bn respectively as cost of revenue collections.
Further breakdown of revenue allocation distribution to the Federal Government of Nigeria (FGN) revealed that the sum of N207.57bn was disbursed to the FGN consolidated revenue account; N5.70bn shared as share of derivation and ecology; N2.85bn as stabilization fund; N9.57bn for the development of natural resources; and N7.05bn to the Federal Capital Territory (FCT) Abuja.
Data source: National Bureau of Statistics